South Korea Plans to Lift Restrictions on Venture Enterprises in the Cryptocurrency Sector

The Ministry of Small and Medium Enterprises and Startups of South Korea announced on Wednesday plans to lift restrictions that prevent cryptocurrency companies from qualifying as venture enterprises.

Currently, companies operating in the 'virtual assets' sector are excluded from the government classification of venture companies, limiting their access to various tax benefits and financial support. The Ministry stated that the proposed amendment reflects a 'change in perception' of the digital asset industry and the creation of 'legal and institutional guarantees' aimed at protecting users.

The Ministry will accept public comments on the proposal until August 18. The final date for the amendment to take effect has not yet been announced. Implications for South Korea's cryptocurrency industry