South Korea will lift the restriction on cryptocurrency companies obtaining venture company status, and provide tax incentives and financial support.

BlockBeats News, September 11th: South Korea will remove cryptocurrency trading and brokerage from the list of industries banned from receiving venture capital status. The South Korean Ministry of SMEs and Startups stated on Tuesday that the Cabinet has approved an amendment to the "Special Act on the Promotion of Venture Businesses." These amendments will take effect on September 16th, paving the way for cryptocurrency-related companies to obtain venture capital certification, enabling them to better access funding and government support.

By lifting the restrictions, South Korea aims to nurture blockchain and cryptocurrency technology as part of the "deep tech" sector within a broader digital asset ecosystem. "This is part of ensuring a future growth engine that aligns with global trends," stated South Korean Minister of Technology Han Chung-suk. "We will concentrate policy resources to ensure smooth flow of venture capital into emerging industries and support their development." (Korea Bizwire)