Venture Business Association "Welcomes Passage of Benchok Act and Data 3 Acts"
A plenary session is being held at the National Assembly on the 9th. Photo by Yonhap News
View original image[Asia Economy Reporter Moon Hyewon] The venture industry welcomed the passage of the long-awaited bills, including the amendment to the Special Act on Venture Businesses, the Act on Promotion of Venture Investment (hereinafter referred to as the Venture Investment Promotion Act), and the Three Data Laws, at the National Assembly plenary session on the 9th.
On the 10th, the Korea Venture Business Association stated in a commentary, “The passage of the Special Act on Venture Businesses, which reorganizes the venture business verification system from a market-friendly perspective led by the private sector, the Venture Investment Promotion Act, which reduces regulations related to venture investment, and the Three Data Laws for data openness and utilization, is evaluated positively as it enhances the professionalism and fairness of the venture business verification process and lays the foundation for revitalizing the data economy.”
The association added, “In particular, by abolishing the guarantee and loan types that accounted for more than 80% of the existing venture business verification types, a path has been opened for companies to be recognized as venture businesses if they are evaluated as having excellent innovation and growth potential. We expect this to promote the founding and growth of various venture businesses with outstanding innovation and high potential.”
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Furthermore, “The venture industry will make greater efforts to develop Korea into a leading country in the Fourth Industrial Revolution through venture startups, taking this passage of venture-related bills as an opportunity. The association plans to actively cooperate with the Ministry of SMEs and Startups to ensure that the revised venture verification system is successfully established and operated in the field.”
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