Yesterday, the Ministry of SMEs and Startups, in a gesture as sudden as rain on a poet’s cigarette, announced the dissolution of the cruel shackles fastened to South Korea’s crypto aspirants. The icy exclusion of blockchain dreamers from the high table of “venture companies” is on the brink of evaporation—like a snowflake, perhaps melted by the gaze of Dr. Zhivago himself.
Until this moment of bureaucratic thaw, firms in the shadowy “virtual asset” alleyway were banished from any government compassion—austerely walled off from tax amnesties, financial encouragement, and the warm embrace of discounted televisual fanfare. But lo, the ministry claims their frosty stance is softening, warmed by a new “shift in perception.” Legal and institutional snowplows now clear the way for digital wanderers, and the protection of users looks less like an afterthought and more like a scheduled event on the national calendar.
Bureaucrats have decided the time has come to “nurture” the digital asset industry—a tender verb, but make no mistake, they’re not going to read it bedtime stories. In light of last year’s crypto regulations, with legal protections standing watch, barring the path seems—how did they put it?—“inappropriate.” (Truly, nothing shocks the spirit like a government admitting it’s been pointlessly stubborn.)
Now, before you order a champagne delivery in the shape of a bitcoin, know this: the ministry will be pretending to listen to public opinion until August 18. As for a definitive date, your guess is as free as the ruble in winter. ⏳
The implications for South Korea’s crypto industry
The amendment, if enacted without tripping over itself, would ennoble crypto businesses with the coveted “venture” title. Existing ventures may dive into the digital asset ocean with the grace of Yuri Zhivago dismounting his steed: awkwardly, but with poetic intent.
This could “revitalize and expand the venture ecosystem and support the growth of the virtual asset industry.” (Sound the balalaikas!)
Venture status brings not only the aroma of government approval but a cool five-year, 50% corporate income tax snooze, a 75% nap on business property taxes, and—joy of joys!—broadcast ad rate discounts heftier than an oligarch’s winter coat.
South Korea bets on crypto
All this unfolds against a landscape already dotted with crypto-friendly signals. Not three days ago, the melodrama took another turn: The Bank of Korea, after furrowing its brow in characteristic fashion, halted its CBDC pilot—banks left mid-waltz. Rumor (or perhaps fact—facts these days are like leaves in the spring wind) is they’re pausing to meditate on stablecoin philosophy and whether a national CBDC fits comfortably beside it, like a banker eyeing the empty vodka bottle and the full ledger.
The country’s freshly anointed President, Lee Jae-myung, promised a vision: stablecoins that cling politely to the won like a lapdog at a garden party. And so the garden grows.
If your inner trader is awake, here’s yesterday’s saucy gossip: shares of Kakao Bank, Kookmin Bank, and the Industrial Bank of Korea pranced upwards by 10–19%, following stablecoin trademark declarations. Investors ready their balalaikas—for in South Korea, the future is a cryptocurrency, and it seems everyone wants their verse in the ledger.
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2025-07-09 13:26