South Korea Reclassifies Crypto Businesses as ‘Venture Firms’, Saving Millions in Tax Breaks for Crypto Sector ⋆ ZyCrypto
The post South Korea Reclassifies Crypto Businesses as ‘Venture Firms’, Saving Millions in Tax Breaks for Crypto Sector ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
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  South Korea announced plans to allow crypto businesses to be classified as venture companies, opening up an extensive list of benefits for the crypto industry. The Ministry of SMEs and Startups was responsible for making the decision. The benefits include tax breaks and financial support that would incentivize the industry to grow into a healthy market, contributing to South Korea’s economy. South Korea has previously excluded virtual assets from the ‘venture’ classification, which has made it hard for crypto businesses to thrive in the local market. South Korea has reconsidered its previous decisions due to the need to stimulate the economy, as the country risks falling behind other crypto hubs, such as Hong Kong or Singapore. Governments around the world have undergone a shift in perspective, with the positive aspects of cryptocurrencies emerging to the forefront. Some governments have begun to transition to a more positive frame of reference, aiming to restrict illegal businesses while simultaneously incentivizing honest firms. There has been a growing realization that the crypto industry is here to stay and that crypto entrepreneurs deserve the same incentives as traditional businesses. Crypto exchanges could now be classified as venture firms rather than as Virtual Asset Service Providers, opening up new opportunities for large exchanges. The changes would dramatically transform the exchange business for both local and global enterprises. South Korea aims to simplify the startup process, enabling more companies to be created from scratch. The classification of venture firms would enable startups to access loans and tax breaks easily. The government has recognized the flaws in retarding an industry that could benefit the economy. The startup ecosystem in South Korea could be seriously handicapped compared to other countries if the government continues to cripple it with harsh regulations. The changes include South Korea…
Filed under: News - @ July 10, 2025 3:25 pm