The approval of the Virtual Assets Act in South Korea has led the government to enhance transparency in accounting for virtual asset transactions. Companies issuing or holding virtual assets will now be required to provide clear and detailed information. On July 11, the South Korea Financial Services Commission reviewed and approved an exposure draft to revise Corporate Accounting Standards No. 1001, which includes mandatory disclosure requirements for virtual assets and guidelines for their accounting treatment.
To comply with the new rules, cryptocurrency issuers in South Korea must include extensive disclosures in their financial statements. These disclosures cover various aspects such as internal accounting practices, details of crypto token sales, and specifics of token holdings. The regulations also apply to corporate entities
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First found on: South Korea Enhances Accounting Transparency for Virtual Assets: New Rules and Challenges Ahead
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