Virtual asset businesses are poised for greater recognition and support as venture enterprises, according to the Korea Digital Asset Business Association (KDA). Phase 1 of the Virtual Asset Utilization Protection Act (Virtual Asset Act), implemented in July, has created a more favorable environment for virtual asset businesses to be designated as venture businesses. The Ministry of SMEs and Startups (MSS), responsible for venture businesses, is considering revising the system to include virtual asset trading and brokerage, previously excluded due to the Virtual Asset Act's Phase 1 implementation. This development is based on feedback from virtual asset organizations and industry consultation. The MSS will make a final decision after gathering further input from relevant departments.