South Korea will reduce taxes for the development of blockchain companies

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

The document about 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 weaken the requirements for projects based on new technology.

Despite proposals on the formation of profitable financial conditions for the work of blockchain projects, South Korea continues to closely monitor cryptocurrency and prepare safe conditions for working with them. The ICO region is also under the sound of the regulators.

However, it is the technical component that causes more attention — with the help of the blockchard, the country may make adjustments to the work of the government apparatus and other vital areas for South Korea. It is probably why the technology receives a speedy promotion, unlike cryptocurrency applying to replace the usual financial system.

It is noteworthy that earlier