South Korea is lifting restrictions on crypto businesses, allowing them to qualify as venture companies. The change takes effect on Sept. 16, providing tax breaks and financial support. The ban on crypto firms was imposed in 2018 due to speculative concerns. The Ministry hopes the new measure will boost growth in the industry, including blockchain and smart contracts.

Minister Han Seong-sook aims to create a transparent ecosystem for venture capital inflow and industry growth. President Lee Jae-myung’s election has led to a friendlier environment for the crypto industry. South Korea’s crypto market is projected to hit $1.1 billion in revenue by 2025, with over 16 million exchange users, over 30% of the population.

Read more at Cointelegraph: South Korea Lifts Ban on Crypto Firms Applying for Venture Status