South Korea will cut taxes for the development of blockchain companies

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South Korea will cut taxes for the development of blockchain companies

On At the fourth meeting of ministers in South Korea, during the discussion of the prospects for development through innovation, it was decided to soften the tax regime for working with blockchain. The authorities see in technology powerful potential.

A document on this was prepared by the Ministry of Strategy and Finance of South Korea. The report also noted the desire of the country’s authorities to significantly ease the requirements for projects based on new technology..

Despite proposals to create favorable financial conditions for the operation of blockchain projects, South Korea continues closely monitor cryptocurrencies and prepare a safe environment for working with them. The ICO area is also under the gun of regulators.

However, it is the technical component that attracts more attention. — with the help of blockchain, the country can make adjustments to the work of the government apparatus and other areas of vital importance to South Korea. This is probably why the technology is getting the fastest advancement, unlike cryptocurrencies, which claim to replace the usual financial system..

It is noteworthy that earlier Ripple urged the South Korean authorities to weaken the laws. Probably the advice was heard by the higher authorities.

text: Evgeniya Likhodey, photo: Chung Sung-Jun / Getty images / BuzzFeed