South Korea Introduces New Crypto Regulations
To boost market transparency, South Korea’s main financial watchdog, the Financial Services Commission (FSC), has made it essential for crypto enterprises that issue or possess cryptocurrencies to make particular crypto disclosures in their financial statements beginning in 2024.
Crypto companies will be required to provide information on the quantity, properties, operational methods, and accounting practises of virtual currency sales, as well as earnings, volume, and market value of their coin, under the new legislation.
The FSC announced its decision on the proposed guidelines on June 30, following the enactment of the Virtual Asset User Protection Act, stating that the measures’ goals are to promote accounting transparency.
(With inputs from Shikha Singh)
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