In South Korea, the Ministry of SMEs and Startups announced plans in June 2025 to amend the Special Act on Promoting Venture Businesses. This amendment aims to include virtual asset trading and brokerage service providers as "venture companies." This move is designed to grant these firms access to government benefits like tax incentives and financial support. (Source: ft.com, Reuters.com)
Historically, blockchain-based crypto asset firms were excluded from this designation. The proposed change aligns with President Lee Jae-myung's pro-crypto stance, elected in June 2025. President Lee has pledged to advance digital currency initiatives, including the institutionalization of Korean won-based stablecoins and the legalization of crypto exchange-traded funds (ETFs).
The Bank of Korea has expressed cautious support for won-based stablecoins. However, it voiced concerns about managing foreign exchange and capital flows. The Bank of Korea's senior deputy governor, Ryoo Sang-dai, stated that introducing won-based stablecoins should begin gradually. (Source: Reuters.com)