South Korea to Include Bitcoin Trading Firms as Certified Venture Companies Under New Law Amendments

On July 9, the Korean Ministry of Small and Medium Venture Enterprises revealed plans to amend the Special Law for Venture Enterprise Promotion. This regulatory update aims to permit virtual asset trading and brokerage firms to register as venture companies, unlocking access to government-backed incentives. In South Korea, a venture company designation is reserved for SMEs or startups that satisfy stringent criteria related to investment volume, research and development intensity, or technical evaluations. Certification grants these entities preferential treatment, including tax incentives and enhanced financing opportunities. Since 2018, blockchain-based crypto trading and brokerage firms have been excluded from this classification, grouped alongside restricted sectors such as bars and nightclubs. The proposed legislative changes mark a significant shift, potentially fostering greater institutional support and legitimizing the crypto asset industry within South Korea’s innovation ecosystem.

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