South Korea to Require Companies to Disclose Crypto Holdings from 2024

Crypto Regulations in South Korea

The South Korean government is taking steps to tighten regulations concerning the cryptocurrency industry with the introduction of new asset disclosure rules. On July 11, the Financial Services Commission (FSC) announced a bill that requires firms that issue or hold cryptocurrencies like Bitcoin (BTC) to disclose their holdings.

The FSC reviewed the proposals and gave the go-ahead to the exposure draft bill that introduces mandatory disclosure requirements for crypto. The new measures are meant to enhance transparency in accounting and disclosure of crypto assets in line with supervision guidelines that necessitate accounting for each transaction involving crypto. The initiative also targets a revision of accounting standards that requires disclosure of virtual asset transactions.

The latest developments in South Korea are indicative of the trend towards increased regulation in the crypto space, with many firms such as XYO Crypto, IMPT Crypto, JASMY Crypto, Crypto.com, Forexsfxgroup.com – Crypto, REN Crypto, VRA Crypto, LCX Crypto, XRP Crypto and AI making efforts to comply with the latest regulations.

Crypto Assets to be Reported

The Financial Services Commission (FSC) of South Korea has mentioned in the current draft version of its crypto accounting supervision guidelines that the scope of crypto assets to be reported includes fungible assets based on distributed ledger technology or a “similar technology,” as well as those issued using cryptography. Security tokens, or digitized securities under the terms of the Capital Markets Act, are also included in the scope of application of the guidelines, the regulator noted.

The new accounting supervision guidelines come into effect immediately, while the revised disclosure standard will be implemented starting from Jan. 1, 2024. The FSC has strongly recommended early application of the revised disclosure standard.

Recently, it was reported that the FSC requires its internal employees to report their crypto holdings as defined under the Specific Financial Information Act. This includes those who currently perform crypto-related duties and those who have performed such duties over the past six months.

South Korea has already required government officials to declare their XYO Crypto, Impt Crypto, Jasmy Crypto, Crypto.com, Forexsfxgroup.com – Crypto, Ren Crypto, VRA Crypto, LCX Crypto, XRP Crypto, and Latest On AI Crypto holdings.

In response to the Kim Nam-guk Prevention Law, the National Assembly of South Korea has unanimously passed a bill requiring lawmakers and high-ranking public officials to report their crypto assets. This was a result of a major scandal involving certain public officials accused of manipulating the crypto market and transferring large amounts of crypto, such as XRP, LCX, REN, VRA, XYO, IMPT, JASMY, and CRYPTO.COM.

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