South Korea Rolls Out the Red Carpet for Crypto Startups; And the Tax Man
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- South Korea lifts 2018 ban, allowing crypto firms venture certification and government benefits.
- Dunamu’s 2018 $18M tax loss highlights past restrictions on blockchain ventures.
- New NTS rules require reporting of foreign crypto income under national tax law.
South Korea’s government is moving to formalize its crypto economy with a classic “carrot and stick” strategy. Regulators are officially lifting a 2018 ban that blocked crypto startups from receiving venture status; the “carrot” to fuel domestic innovation. At the same time, they are tightening tax rules on crypto income, the “stick” to ensure every won is accounted for.
This two-pronged approach signals a strategic pivot to cultivate a powerful, homegrown, and fully taxable digital asset industry.
What’s Changing for Crypto Startups?
Effective September 16, South Korea’s Ministry of SMEs and Startups (MSS) will officially remove crypto trading and brokerage from its list of restricted industries for venture certification. This reverses a 2018 policy that controversially lumped crypto firms in with high-risk businesses like pubs and gambling venues.
Related: South Korea to Roll Out New Legislat…
The post South Korea Rolls Out the Red Carpet for Crypto Startups; And the Tax Man appeared first on Coin Edition.
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South Korea Rolls Out the Red Carpet for Crypto Startups; And the Tax Man
Share:
- South Korea lifts 2018 ban, allowing crypto firms venture certification and government benefits.
- Dunamu’s 2018 $18M tax loss highlights past restrictions on blockchain ventures.
- New NTS rules require reporting of foreign crypto income under national tax law.
South Korea’s government is moving to formalize its crypto economy with a classic “carrot and stick” strategy. Regulators are officially lifting a 2018 ban that blocked crypto startups from receiving venture status; the “carrot” to fuel domestic innovation. At the same time, they are tightening tax rules on crypto income, the “stick” to ensure every won is accounted for.
This two-pronged approach signals a strategic pivot to cultivate a powerful, homegrown, and fully taxable digital asset industry.
What’s Changing for Crypto Startups?
Effective September 16, South Korea’s Ministry of SMEs and Startups (MSS) will officially remove crypto trading and brokerage from its list of restricted industries for venture certification. This reverses a 2018 policy that controversially lumped crypto firms in with high-risk businesses like pubs and gambling venues.
Related: South Korea to Roll Out New Legislat…
The post South Korea Rolls Out the Red Carpet for Crypto Startups; And the Tax Man appeared first on Coin Edition.
Read More
FASB Considers New Rules for Crypto Transfers to Clarify Accounting