Incentives intensified for commercial cryptography sector

The press conference for the release of the Methods for Guangzhou's Huangpu District to Boost Scientific and Technological Innovation and Industrial Development of Commercial Cryptography.

The Methods for Guangzhou's Huangpu District to Boost Scientific and Technological Innovation and Industrial Development of Commercial Cryptography was released on Oct 26.

According to the new policy, newly settled cryptography projects will be granted a reward of 2 million yuan ($298,400). If authoritative commercial cipher detection and authentication institutions set up branches in the district, half of the construction expenditure will be subsidized up to a maximum amount of 20 million yuan.

Eligible commercial cryptography enterprises with a paid-in register capital of more than 5 million yuan that settle in a professional cryptography industrial base will be subsidized their office rent for spaces up to 1,000 square meters.

Commercial cryptography projects supported by the National Cryptography Development Fund will receive a maximum associated supportive fund of 5 million yuan. Those winning ministerial and provincial-level cryptography technology progress awards will be granted up to 1 million yuan.

In addition, cryptography science and technology projects cited or supported by national, provincial or municipal science and technology authorities will obtain a maximum associated supportive fund of 5 million yuan.

The promotion and application of cryptography in finance, energy, public services, public security, and national defense will be advanced. Projects that newly obtain the certification of nationally promoted commercial cryptography products will receive a reward of 80,000 yuan. The maximum reward amount for a single enterprise is 1 million yuan.

Currently, Huangpu is home to more than 40 cryptography enterprises, and a dozen enterprises have also signed agreements or have showed intention to settle in the district. The release of the new policy will generate a funnel effect and help Huangpu foster an industrial scale of 30 billion yuan in three years.

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