South Korea supports blockchain with tax credit

posted 7 months ago
South Korea has continued its progressive stance towards cryptocurrency and the innovation it offers for fintech by providing tax incentives for blockchain development. The South Korean government has quietly added blockchain to the list of research and development fields that can qualify for a tax credit.

The move is an attempt to boost interest in the space of blockchain, while mining the field for the potential innovation it could provide for financial technology, banking and improved economic practices. The local Ministry of Strategy and Finance just announced the updated tax law, which will go into effect this coming February.
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