The country passed legislation last month aimed at protecting crypto investors.
that companies that issue or hold cryptocurrencies will need to provide detailed crypto disclosures in keeping with fresh accounting standards slated to take effect in January 2024The new rules will require crypto issuers to disclose information including token details, business models and internal accounting policies.
Domestic companies that own cryptocurrencies will need to report their holdings’ token classification, book value and market value. “The government is enhancing accounting transparency in virtual asset transactions by requiring companies to disclose detailed information, following theThe Korean Accounting Standards Board approved the draft rules on July 7, the FSC added.The new legislation, comprised of 19 crypto-related bills, gives the FSC and the Bank of Korea the authority to oversee crypto operators and asset custodians.
The new bill also allows authorities to enforce penalties in cases of unfair trading of virtual assets. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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