South Korea sets rules for clear accounting in crypto
The passing of the Virtual Assets Act by the National Assembly in South Korea has prompted the government to enhance accounting transparency for virtual asset transactions, enabling companies issuing or holding virtual assets to disclose clear and detailed information. On July 11, the South Korea Financial Services Commission reviewed and approved the exposure draft for revising Corporate Accounting Standards No. 1001, incorporating mandatory disclosure requirements for virtual assets and establishing guidelines for the accounting treatment of virtual assets. New rules in South Korea Following the recent passage of South Korea’s Virtual Assets Act by the National Assembly, preparations are underway for implementing new rules. The Financial Services Commission (FSC) has announced an amendment to the country’s Corporate Accounting Standards, prompting a Korean Accounting Standards Board review. These steps are being taken to establish comprehensive regulations for...