South Korea Plans to Remove Restrictions on Crypto Venture Capital Businesses

South Korea's Ministry of SMEs and Startups has announced a legislative notice for partial amendments to the "Special Enforcement Decree for the Cultivation of Venture Businesses," proposing to remove the "virtual asset-related industry" from the list of restricted industries. After the amendment, virtual asset companies will be able to apply for or maintain "venture business" status. The amendment points out that with the implementation of the "Virtual Asset User Protection Act" and the improvement of the policy environment, it is no longer appropriate to continue restricting the industry. [Wu Shuo]