South Korea Issues New Crypto Accounting Rules
The global crypto regulatory landscape has seen several amendments unfurl over the past few months. A host of nations have been tweaking their rules with the intention of protecting investors. Well, South Korea seems to be the latest one to jump onto the bandwagon. The South-East nation’s financial regulator, the Financial Services Commission [FSC], issued new draft rules pertaining to the accounting of cryptos and other digital assets recently. According to the draft, companies that issue or own crypto assets will have to provide in-depth disclosures in their financial statements from next year. This means internal information regarding their business models and internal accounting practices with respect to crypto sales and profits will have to be provided. Furthermore, they will also have to reveal details with respect to the number and characteristics of their crypto tokens. Firms that hold crypto assets for investment purposes have to disclose information pertaining ...