South Korea grants cryptocurrency company venture capital firm status

South Korea's Small and Medium Enterprises Department has revised the Risk Enterprise Act, allowing cryptocurrency trading and brokerage firms to obtain risk enterprise qualifications from September 16. The revision gave them tax relief, R&D subsidies and financial support, reversing the 2018 policy to limit the classification of risky companies due to market speculation concerns. The ministry pointed out that the global importance of the cryptocurrency industry and the improvement of user protection are the main reasons for the revision.