To Support Growth of Crypto Space, Chinese City Offers Rent Subsidies for Blockchain Companies

  • Blockchain companies in China are receiving rent subsidies to promote more business in the county.
  • Incentives and potential subsidies go up to 2 million yuan, depending on the impact of these blockchain projects.

The blockchain industry is a growing market, and there are many regions that are hoping to become a big part of the revenue it comes with. Fuzhou, a city in China, has decided to provide rent support for blockchain businesses, hoping to bring more of these companies into their economy, according to reports from People’s Daily. This incentive program is just one of three measures that are meant to help the blockchain sector to expand.

With this incentive, blockchain companies will be able to receive up to 600,000 yuan ($86,800) in relief for the rent that they have to pay yearly, though these companies receive the allotment for the next three years.

If traditional companies get involved with creating blockchain applications, they will be eligible for a 20% subsidy as well, based on their developmental costs. Any project that ends up winning awards for their progress in science and technology could even see a 600,000-yuan payment as well.

Companies that end up creating technology labs and research centers could even end up seeing 2 million yuan, if they end up being recognized by the local authorities. If these companies ultimately contributed to high-level “international, national, and provincial” meetings, they could see 1 million yuan.

There are already companies in China that have begun to appreciate the technology involved with blockchain. In fact, e-commerce giant has already applied for over 200 patents related to blockchain by May 21st this year. Within two days, reports arose that Alibaba was also considering the integration of this fintech with their intellectual property system.

Last month, China released a list of cryptocurrency rankings, entirely sponsored by the government. In the rankings, EOS was placed at the top spot, while Bitcoin was at place #12.

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