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

Korean cryptocurrency and blockchain organizations have raised alarms regarding a recent proposal from the central government that would exclude virtual coin companies from the classification of ventures and startups eligible for a tax cut of up to 100%, according to local media reports.

The Korea Blockchain Association, the Korea Blockchain Industry Promotion Association, and the Korea Blockchain Startup Association collaboratively issued a statement opposing the Ministry of SMEs and Startups’ latest proposal. They argue that this recommendation would unfairly categorize their industry alongside heavily regulated sectors.

“The measure will discourage the entire industry… Blockchain-based virtual currency trading will soon be treated just like gambling and alcohol businesses,” the associations stated in their joint press release.