South Korea Called For Firms To Report Crypto Holdings By Next Year

As part of its accounting rules, financial regulators would have need for firms that sell or own cryptocurrencies to reveal details initiating in January 2024.

South Korea aims to prevent crypto investors, therefore approved legislation last month.

South Korea would requisite local companies to report their cryptocurrency holdings by next year as it is the part of mew accounting standards, its financial market regulators reported on Tuesday.

The country’s Financial Service Commission (FSC) announced in the Tuesday statement that firms which sell and hold cryptocurrencies would require to give detailed crypto publications, keeping in view the new accounting rules, which would be enforced in January 2014.

The fresh standards would need crypto sellers to declare information together with token details, business models, and accounting policies.

Local companies that own cryptocurrencies would require to declare their holdings token categorization, book value and market value.

The government is improving accounting transparency in virtual asset transactions through making it essential for companies to publish its detailed information, successding the way of the Virtual Assets Act on June 30 in the parliament, the FSC reported in the statement.

Moreover, FSC said that the Korean Accounting Standards Board passed the draft standards on July 7.