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South Korea Considers Tax Reduction For Blockchain Growth



De Silva

The country has been one of the most aggressive in its pursuit of blockchain-related innovation.

According to a document from South Korea's fourth vice ministerial meeting on "Growth through Innovation," which took place on July 13, 2018, the country is discussing plans to reduce taxes for the purpose of supporting blockchain development. The release was authored by South Korea's Ministry of Strategy and Finance.

In a section entitled, "Redesign corporate investment support to promote employment, as well as new technologies," the ministry wrote that it will "expand the tax reduction for new growth engine investment and ease requirements for new technology support, including the blockchain technology investment support" (emphasis added).

Last week, ETHNews reported on draft bills for South Korea's regulation of cryptocurrency exchanges, initial coin offerings (ICOs), and blockchain technology. According to The Korea Times, the bills are due to be submitted during "an extraordinary session of the National Assembly from July 13 to 26," though it may take longer for any of them to be ratified.

Earlier this month, a handful of South Korean agencies were reportedly working on a classification system related to blockchain technology to help guide relevant regulatory policy.

Matthew De Silva

Matthew has a passion for law and technology. He graduated from Georgetown University, where he studied international economics and music. Matthew enjoys biking and listening to tech podcasts. He lives in Los Angeles.

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