According to recent news reports, South Korean regulators recently held various meetings in relation to the growth of digital currencies and how they can be used for fostering investment within the nation.
As a result of these aforementioned discussions, local authorities have decided to revise and potentially amend the current tax codes so as to facilitate increased opportunities with blockchain and other new technological domains.
This could be the start of something big
The newly revised taxes have been made public by the South Korean Ministry of Strategy and Finance following meetings that took place between 8 different regulatory agencies. Following this, the government not only decided on lowering taxes for companies to encourage technological development but also decided to lower the tax reduction threshold for Blockchain startups and other similar companies.
Also, at this point, it should be noted that it is not easy for companies to get tax reductions in South Korea. For example, firms are required to allocate “more than five per cent of their previous year’s gross sales to R&D and ten per cent of their R&D investments into new technologies like blockchain“.
As a result of meetings like these, various governments across the globe are beginning to usher in a new era of decentralized governance that can not only bring economic prosperity to them but also introduce a new level of transparency within their existing structural protocols.
One can only hope that from here on out, South Korea continues to push its pro-crypto stance so that the Asian powerhouse transforms into a global crypto hub in the coming few years.
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