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The Government of South Korea has added blockchain to the list of sectors eligible for the country's research and development (R & D) tax credit.
The Ministry of Strategy and Finance announced the proposed blockchain tax credit as part of a decree implementing the 2018 tax law, which will take effect next month.
The transfer will involve 30-40% of the research and development costs for small blockchain companies and 20-30% of the research and development costs for large and medium blockchain companies, becoming fiscally deductible.
In September 2018, the Government of South Korea publicly promised support for blockchain companies.
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After a meeting with blockchain startups, the second vice minister of science and ICT, Wonki Min, hinted at tax incentives for South Korea's blockchain companies.
"Considering the fact that there is no significant blockchain technology gap between South Korea and other countries, it is a good opportunity for South Korea to lead the sector," said Min.
"The government will actively support national companies to help them drive the global blockchain market."
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