South Korea’s financial regulator is introducing a new regulation on companies’ crypto assets. The Financial Services Commission (FSC) said on Tuesday that it has cryptocurrency It will require companies holding companies to disclose detailed information in accordance with new accounting rules that will come into effect in January 2024.
Under the new rules, crypto issuers will share information such as token properties and internal accounting with the authority. Domestic companies with crypto on their balance sheet will report the token type, book value and market value of their assets.
FSC made the following statement on the new legislation: “After the Virtual Assets Act was passed by parliament on June 30, the government has required accounting transparency in virtual asset transactions by mandating companies to share detailed information about cryptocurrencies. increasing”
New Crypto Laws On The Way In South Korea!
The Asian giant took a new law to the parliament to regulate digital assets in the country last month.
The new legal regulation, consisting of 19 articles, gives authorities the power to oversee the crypto industry. The new bill will also allow authorities to impose penalties in case of unfair trade of virtual assets.
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.