Chinese City Offers Rent Subsidies, Cash Rewards to Blockchain Businesses
Blockchain businesses will be able to receive up to $86,800 in relief on rent bills under new measures brought in by Fuzhou, China.
The incentive is part of three measures designed to help the sector, and will enable companies to receive up to 600,000 yuan ($86,800) in relief on rent bills per year for three years.
Traditional companies will also be encouraged to build blockchain applications, and will be eligible to receive a 20% subsidy on the cost of their development. Projects that win awards for scientific and technological progress, or deliver transformation in Fuzhou, could be rewarded with a payment of up to 600,000 yuan.
Firms that deliver industrial blockchain platforms such as technology labs or research centers could land a windfall of two million yuan ($289,000) if they are recognized by Chinese authorities — and as much as one million yuan ($144,500) if they contribute to high-level meetings at “international, national and provincial levels.”