The government Thursday excluded cryptocurrency brokers and traders from venture startups eligible for state incentives. But all the other blockchain-based technology developers can enjoy government subsidies when they start a business.
The nine beneficiaries deal in developing online gaming software, system software, application software, computer programming & integration, provide system-integration advisory services, and blockchain hosting services.
The government passed the revised enforcement decrees for venture startups in a Cabinet meeting Thursday.
A Ministry of SMEs and Startups spokesman said the government has not include cryptocurrency brokers and traders as venture startups because excessive speculating, money laundering, hacking and illegal deposit-taking have created a social problem. He added the exclusion does not mean they stop business. He said when social problems involving cryptocurrency are solved, cryptocurrency traders and brokers will also enjoy the venture startup status eligible for state support.
He said the government would review whether to include new blockchain developers for venture startups. The review will be made every three years.
