Crypto Industry Protests Korea’s Plan to Exclude It from Startup Classification

The Korean cryptocurrency and blockchain groups have voiced concerns about a latest central government plan to exclude virtual coin companies from the classification list of ventures and startups that allows them to claim a tax cut up for 100%, local media reported on Thursday.

The Korea Blockchain Association, the Korea Blockchain Industry Promotion Association and the Korea Blockchain Startup Association issued a joint declaration saying that they are against the latest proposal of the country Ministry of SMEs (small and medium enterprises) and startups as the recommendation will put the industry on the same level as the specially regulated sectors.

“The measure will discourage the industry as a whole…Blockchain-based virtual currency trading will soon get treated just like gambling and alcohol businesses,” the associations said in the joint press release as

This article appeared first on Cryptovest

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