South Korea is said to raise the restrictions that prevented encryption companies from qualifiers such as project companies, allowing them new access to tax exemptions and financing support.

During the cabinet meeting on Tuesday, the Ministry of Small and Medium Companies in South Korea and startups said it had approved a partial review of the decree enforcing the adventure business law to remove the restrictions imposed on the trade of virtual assets and mediation companies, according to the South Korean Korea Korea.

Change, scheduled for September 16, will allow encryption companies to apply for a Venture certificate, which opens the options for tax exemptions and financial support.

In July, Ted Co, Cointelegraph, told July that the advantages of change include access to tax cuts, research and development grants, credit guarantees, financing support, and will allow the current adventure companies to expand the encryption space without losing their categories.

Variable South Korea for encryption

The South Korean bloc entered the encryption companies in October 2018, due to concerns about the speculative nature of encrypted currencies at that time.