South Korea requires companies to disclose their cryptocurrency holdings

2023-07-12 15:43:59

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ChainCatcher news, according to a draft rule released by South Korea's financial regulatory agency on Tuesday, South Korea will require companies that own or issue cryptocurrencies to disclose their cryptocurrency holdings in financial statements starting in 2024. Under the new rules, companies will need to disclose information regarding the quantity, characteristics, business model, and accounting policies of virtual currency sales, as well as details about their cryptocurrency profits, quantities, and market values.

The announcement from the Financial Services Commission (FSC) regarding the decision on the draft rule states that these measures aim to enhance accounting transparency following the passage of the "Virtual Asset User Protection Act" on June 30.

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