South Korea is lifting restrictions that previously barred crypto businesses from obtaining venture company status, enabling access to tax breaks and financing support. This regulatory change, announced by the Minister of SMEs and Startups, Han Seong-sook, follows a cabinet meeting and is set to take effect on September 16. The modification to the Enforcement Decree of the Venture Business Act is expected to spur growth in the crypto and blockchain sectors. The ban was originally implemented in October 2018 due to concerns over cryptocurrency volatility. The Ministry's decision to remove these restrictions is influenced by the evolving status of the global crypto industry and improvements in user protection systems. Once in place, this change could catalyze growth in areas like virtual asset trading and blockchain technology. The initiative aims to create a transparent ecosystem that attracts venture capital, ultimately propelling South Korea’s crypto industry in alignment with global trends. South Korea's cryptocurrency market is projected to reach revenues of $1.1 billion by 2025, underlining the significance of this policy shift.

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