South Korea To Get Friendlier To Blockchain
South Korea is one of the most crypto-loving countries in the world, with as high as one third of the population admitting they own, or they have owned some type of crypto asset in the last couple of years.
But the legal framework was anything but friendly until the beginning of 2018, South Korea being also one of the first countries to ban ICOs.
Things seem to change, though. There is a visible intention of the Seoul government to turn the tides towards the future, and these efforts seems to have consequences.
In a work meeting today, more precisely, a "Vice Ministerial Meeting on Growth through Innovation, presided over by Vice Minister of Strategy and Finance Ko Hyoung-kwon", the government pledged to make it easier for blockchain businesses to enter the market.
According to the reports of this meeting:
The government is working on revising the current corporate investment support to promote job creation and new technologies. We will
- Revise the corporate and income tax incentives to promote job creation
- Expand the tax reduction for new growth engine investment and ease requirements for new technology support, including the blockchain technology investment support
In other words, less tax for crypto-related businesses.
This news is especially positive since South Korea accounts for a huge volume in crypto trading, ranging always in the top 3.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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That's awfully generous of the Korean government. No, really. Extremely generous.
Isn't the whole idea behind cryptocurrency the idea that it sits outside the jurisdiction of governmental regulations and tax? They don't seem to recognize it, but somehow they can determine what will be done with it?
I'm thinking there needs to be some push back. I've watched the billionaire investor say how great regulation is going to be for the crypto markets, but I don't see how that's true for the individual cryptos, especially if it's going to lead to consolidation. Isn't that another word for centralization?
Sure, weed out the ones that aren't strong, but isn't the free market supposed to be really good at that?
I know I'm supposed to be thankful for any good news, but right now, I'm feeling just a little standoffish. Crypto wasn't designed so governments could get their greedy little fingers in it. It's supposed to eventually free us from them, not forever bind us to them.
I truly believe that we are now in an era which will shake out the known forms of administration and organization. Including what we call now "governments". But if this change is done in a disruptive way, the costs will be really high. A moderate transition towards new forms of organization will be suitable - at least in my opinion.
Until we reach that point in which the current shape of the world as we know it now, with countries and governments, will be replaced by this new order, the fact that old forms are willing to integrate some of the new forms in a rather concessive way, is a good symptom.
I agree that it would be great if we could have this happen slowly but surely, where it's inevitability somehow dawned on those in power too late, be it through their arrogance or through their ignorance. That would be one of the best scenarios possible.
I also feel that this is one of the best opportunities to date for anything close to that happening. Maybe they think they've got it contained and regulated and it just keeps doing its thing until it's too late. They wake up one morning to find out they no longer hold the keys to the kingdom. Instead of commanding the controls that surround us and keep us in check, those controls no longer exist and we surround them, giving them no other choice but to let us be.
That would be awesome, and I look forward to such a day.
It would be the one and only time it happened on such a scale, or even on a fraction of such a scale. Long odds. But I guess, there's always a first time for everything, right? :)
This is a great news for crypto netoworks .
It is an advance news , appriciated there love with crypto .
Thanks for sharing @dragosroua
Upvote you .
It is an advance, we still do not know if it is convenient or not... But what will make a change in terms of the vision that the world has that still does not use the cryptocurrency is undoubted.
Appreciated there love with crypto. And many of other countries also coming toward crypto. We see in coming years that crypto will have a great impact on many countries economics.
Great news because the more acceptance and more governments use the blokchain will be much more solid in the eyes of those who still have doubts.
Not a good new at all.
Good on start but end is not good. Hope things come to the track soon.
The removal of restrictions creating a conducive is a good sign for the cryptos market .Especially because it's south korea as they account for such high percentage of crypto holder.
I think this will start a positive run for the market and prices will increase.
It's a good new...but I wonder, is it good enough to turn negative market sentiment
Crypto is some sort of banned here i think so
People are investing in other things rather than crypto currencies.
And it is not going up just coming down and down