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South Korea will mandate all companies that own or issue cryptocurrencies to disclose their holdings in financial statements from 2024.
South Korea’s Financial Services Commission (FSC) issued draft rules requiring companies holding or issuing cryptocurrencies to disclose their holdings in financial statements from 2024.
Local Crypto Firms to Disclose Holdings
In a press statement, the FSC said firms would have to disclose information about their holdings’ characteristics, quantities, business models and internal accounting policies. Additionally, domestic companies must disclose information regarding profits, book value, and the market value of their cryptocurrencies.
The new accounting standards are expected to take effect in January 2024.
In its statement, the FCA said:
The government is enhancing accounting transparency in virtual asset transactions by requiring companies to disclose detailed information, following the passage of the Virtual Assets Act in the parliament on June 30.
South Korean lawmakers passed legislation that protects investors and grants the FSC and The Bank of Korea the power to oversee crypto operators and asset custodians. The newly enacted Virtual Asset Users Protection Act also authorizes the power to impose penalties and liabilities for damages caused by unfair trading practices.
Guidelines Seek to Provide Accounting Clarity
Until now, firms and their auditors differed in their view regarding the timing and criteria for determining whether the sale of virtual assets to customers constituted profit.
Under the FSC’s new rules, if companies sell assets, the sale will be regarded as profit after the company fulfils obligations to its holder.
The announcement added that the cost incurred in developing virtual assets and their platforms would not be considered intangible assets.
Disclaimer: 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.
