This article was first published on Ubex - Medium
The situation on the Asian continent regarding the regulation and formation of the blockchain and cryptocurrency market is becoming more favorable and welcoming for the development of the Ubex project’s activities.
CoinPedia reports that the government at South Korea prepares to offer a tax break for blockchain companies from January, encouraging and promoting innovation within decentralizing technologies. The local news report says that the Ministry of Strategy and Finance at Korea reveals blockchain to add within its 2018 tax law amendments. However, this means that firms will receive advantages to innovate the emerging new technologies. The bill will come into force in February.
This is applicable to businesses currently establishing blockchain technologies. Moreover, they will have to remove a part of their R&D levy from their tax bill. Apart from blockchain, there are other 15 sectors such as fine dust reduction and wearable robots technology which will get added to the ongoing R&D tax amendments for recent industries.
Meanwhile, the tax deduction amount will surely depend on the size of its company. Relatively, a small organization will receive the highest percentage within 30–40 percent. Whereas medium to large firms will receive a tax deduction within 20–30 percent approx. R&D expenses.
A recent Forbes article by Darryn Pollock reported that while China is the original country that pioneered outright banning within the cryptocurrency ecosystem, Japan has quickly stepped in to pick up the slack and become a leading force in cryptocurrency and blockchain.
David Otto, International Media Coordinator at Japan Blockchain Conference, explains why the Asian country has become this crypto hub. “There are a few reasons,” he mused. “Japan has always been very forward thinking and looking for ways to innovate across all aspects of technology. Japan was the tech capital of the world for decades, and even if ...
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Ubex - Medium