The South Korean government has announced that it will offer tax relief to blockchain companies in the country so as to spur growth and innovation in the industry.

According to the government, the blockchain industry was one of the 16 fields that would be added to the Research and Development (R&D) tax credit.

The new laws will be enforced from February where the new stipulations imply that enterprises can deduct up to 40% for R&D expenses.

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