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Blockchain companies get rent subsidies in China's Fuzhou City

Adonis Lin [CC BY 3.0 (https://creativecommons.org/licenses/by/3.0)]

Wed, 12 Jun 2019, 12:52 pm UTC

Fuzhou City in China is providing rent subsidies for blockchain businesses with the hope to enhance the sector’s growth, according to state-run People’s Daily.

The grant, which is a part of the city’s “three measures to accelerate the development of blockchain industry,” aims to help the blockchain industry by providing a rent subsidy of up to 600,000 yuan (~$86,800) for 3 years.

In addition, conventional companies that will build blockchain applications are also entitled to get a 20% subsidy on the cost of their development. Projects that will be recognized for scientific and technological advancement, or bring change in the city, can also be rewarded with a payment of up to 600,000 yuan.

Moreover, constructing industrial blockchain platforms including technology labs and research centers that are recognized by Chinese authorities could get 2 million yuan (~$289,000) and those that can contribute to high-level meetings at provincial, national, and international levels can get up to 1 million yuan ($144,500).

Meanwhile, the government of the Indian state of Telangana has released a draft Blockchain Policy to build an ecosystem conducive for blockchain technology, with plans to offer incentives and subsidies for enterprises, startups, and other entities, in a bid to position Hyderabad as one of the top 10 blockchain cities of the world.

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