South Korea released a blockchain-companies from taxes

Currently in Korea we consider six bills on the regulation of cryptocurrencies.

Південна Корея звільнила блокчейн-компанії від податків

The South Korean government announced that it would provide “tax holidays” for companies operating in the industry of the blockchain, in order to encourage the development of innovation, informs Rus.Media.

It is reported that the blockchain has become one of the 16 areas that the Asian country’s government decided to exempt from taxes. Also from taxes deprived the company, developing technologies to reduce dust loads and robotics technology.

“The proposed exemptions for tax legislation will come into force in February this year”, – said the Minister of strategy and Finance of South Korea.

Tax breaks allow small businesses to reduce the cost of development and production by 30% -40% and large corporations will be able to save from 20% to 30%.

Note that South Korea expresses genuine interest in technology and a distributed registry. For example, last September the Vice-Minister of science and information technology Min Won-Ki, (Min Won-ki) held a meeting with representatives of several blockchain startups and expressed support for the government. At the same time the Ministry of science and technology in South Korea has launched a lecture on the technology of the blockchain.

At the end of last year, the South Korean Association of the blockchain has announced plans to appeal to the authorities of the sixth largest city in South Korea, Gwangju with the aim to lobby for the transformation of the city into a “special district Cryptocoryne”. Currently in Korea we consider six bills on the regulation of cryptocurrencies.