South Korea’s government added blockchain to the fields of research and development eligible for a tax credit meant to boost innovation.


South Korea-rsquo;s government has added blockchain to the fields of research and development eligible for a tax credit meant to boost innovation, English-language local media TheNews.Asia reports on Jan. 8.

The local Ministry of Strategy and Finance announced the proposed changes to the enforcement decree of last year-rsquo;s tax law, which will be enforced in February. The proposed amendments also include among the eligible fields wearable robots and fine dust reduction technology.

According to the aforementioned article, a result of this amendment will be that 30 to 40 percent of the research and development expenses of small enterprises and 20 to 30 of large and medium-sized enterprises will be tax deductible.

Currently, the research and development tax deduction rate for large corporations reportedly ranges from 0 to 2 percent, 8 to 15 percent for medium companies and 25 percent for small enterprises.

As Cointelegraph recently reported, some of South Korea-rsquo;s biggest cryptocurrency exchanges have passed a government security audit, but the majority could still be exposed to attacks.

Also, in December of last year, Cointelegraph reported that two South Korean government ministries have launched a blockchain pilot for port logistics innovation.





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