South Korea Will Require Companies to Report on Crypto Holdings
Main page News, South Korea, Cryptocurrency
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July 13, 2023

South Korea's Financial Services Commission (FSC) will require companies to disclose data on their crypto holdings from January 2024, according to new regulations that have been approved.

The information reportedly includes token valuation and characterization, business model and accounting policy.

The requirements will also apply to crypto issuers. These will additionally have to report on the classification of tokens and their market value.

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The aim of the initiative is to increase reporting transparency. The amendments have been approved by the Korean Accounting Standards Board.

The South Korean Parliament passed a law on the protection of digital asset users in June. The document brought together 19 different bills related to cryptocurrencies.

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