South Korea Lifts Crypto Restrictions for Venture Companies on September 16
South Korea is lifting crypto restrictions for venture companies on September 16, enhancing their access to financing and tax incentives. This change follows a seven-year ban initiated in 2018 due to market speculation concerns.
Key points:
- The measure responds to increased global trust in cryptocurrencies and improvements in user protection.
- South Korean crypto market projected to reach $1.1 billion by 2025 and $1.3 billion in 2026.
- Over 16 million people, nearly 32% of the population, hold accounts with major exchanges like Gopax and Upbit.
- Number of crypto users surged by 600,000 following significant events last year, totaling 15.6 million with assets over $70.3 billion.
- Institutional adoption is rising, with firms like Strategy holding 638,460 BTC and BitMine with over 2.069 million ETH.
- The regulatory easing may lead to an influx of investors impacting global markets.
Analysts suggest that this move could initiate a new alt season as Bitcoin approaches $115,000.