South Korean Cryptocurrency Exchanges and Brokerage Firms Expected to Be Reclassified as High-Risk Enterprises

On July 9, it was reported that South Korean cryptocurrency trading and brokerage firms, previously unable to be recognized as "venture businesses" due to policy restrictions, may soon see this limitation lifted. On July 9, the Ministry of SMEs and Startups of South Korea announced plans to amend the relevant implementation rules of the Special Act on the Promotion of Venture Businesses, allowing such companies to benefit from government support policies for venture businesses in the future.