South Korea Seeks to Let Crypto Trading, Brokerage Firms Qualify for Corporate R&D Labs
Summary
- The government said it is seeking to include crypto trading and brokerage businesses among those eligible for recognition as corporate-affiliated research institutes.
- The Ministry of Science and ICT said it gave advance notice of a revision to the enforcement decree that would remove crypto trading and brokerage businesses from the list of industries excluded from recognition as corporate-affiliated research institutes.
- If the revision takes effect, related companies including crypto exchanges could be recognized as corporate-affiliated research institutes and receive benefits including R&D tax credits and additional points in national research and development projects.
Forecast Trend Report by Period
South Korea is seeking to include cryptocurrency trading and brokerage businesses among the sectors eligible for recognition as corporate-affiliated research institutes.
Money Today reported on November 15 that the Ministry of Science and ICT on November 12 gave advance notice of a revision to the enforcement decree of the law governing R&D support for corporate-affiliated research institutes. The revision would remove crypto trading and brokerage businesses from the list of industries excluded from such recognition.
Until now, crypto trading and brokerage businesses have been classified as entertainment and speculative industries. As a result, they have been excluded from eligibility for corporate-affiliated research institute status.
If the revision takes effect, crypto-related companies, including digital-asset exchanges, will be able to obtain recognition for corporate-affiliated research institutes if they meet certain requirements. That would make them eligible for benefits such as R&D tax credits and additional points when applying to participate in national research and development projects.
Uk Jin
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