South Korea Grants Venture Company Status to Crypto Firms to Boost Blockchain Innovation

In a significant regulatory shift, South Korea will officially classify cryptocurrency enterprises as ‘venture companies’ starting next week. The announcement was made by Han Seong-sook, Minister of SMEs and Startups, who emphasized that this move is designed to foster growth and innovation within the crypto and blockchain sectors. By aligning crypto businesses with venture status, these firms gain access to enhanced government support, financial incentives, and regulatory frameworks typically reserved for high-growth technology startups. This development is expected to attract increased investment, stimulate job creation, and accelerate technological advancements in blockchain infrastructure and digital asset services across the nation. Industry stakeholders have welcomed the decision, viewing it as a critical step toward legitimizing and integrating cryptocurrency operations into South Korea’s formal economy. The policy reflects the government’s commitment to positioning the country as a competitive hub for blockchain innovation while ensuring a structured approach to sector development.