Blockchain companies get rent subsidies in China's Fuzhou City

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.