TechFlow reports that according to a draft regulation released Tuesday by South Korea's financial regulator, companies owning or issuing cryptocurrencies will be required to disclose their crypto holdings in financial statements starting in 2024. Under the new rules, firms will need to disclose information on the volume, characteristics, business model, and accounting policies related to virtual asset sales, as well as profits, quantities, and market value of their cryptocurrency holdings.
The Financial Services Commission (FSC) stated in its announcement regarding the draft rules that these measures aim to enhance accounting transparency, following the enactment of the Virtual Asset User Protection Act on June 30.
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