The global technology initiatives taken by South Korea are no less than an attraction for the entire crypto and blockchain industry. There have been massive adoption and progressive stance towards this novel technology both by the government and the private sector there. The recent update has unveiled that there will be provisions for tax incentives in order to promote blockchain development in the commercial market.
Despite the losses incurring by the Bitcoin trade value the South Korean government continues to add blockchain technology in their research and development areas. This time it comes in the relevance towards tax credits and benefits which will be given to enhancing the interest in the field of blockchain industry. In addition to this, it will also help in developing innovative solutions in the fintech domain for improving economic practices.
The South Korean Ministry of Strategy and Finance announced the recent update in the tax law which will come into the effect from next month. It is expected that this change will bring in 20-30 percent of research and development expenses for medium and large-sized medium global technology enterprise while 30-40 percent for small ones becoming tax deductible as mentioned by Ethereum World News.
The government of South Korea has been working actively to support as well as promote blockchain based products and services. Also, there is a tremendous amount of support given out to the domestic companies for raising their bar in the global blockchain market.
Upcoming Blockchain Trends
According to Crypto Briefing, this year is going to be very special for South Korea as the government has planned to invest about 5 trillion won (KRW) for the growth and investment which includes eight core areas for the development of blockchain infrastructure. Some of the leading mobile operating services are also about to launch global technology-based services in the market this year.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]