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South Korea Orders New Accounting Regulations for Local Crypto Sector

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In a bid to improve the clarity within the crypto sector, the leading financial regulator in South Korea, FSC (Financial Services Commission) gave crypto exchanges a mandate.

The mandate from the FSC requires companies that own or issue cryptos to provide comprehensive cryptocurrency information in their financial statements starting next year.

In Brief

  • The South Korea FSC made an announcement on Tuesday stating that the draft guidelines for the new mandate have been reviewed and endorsed by the country’s Accounting Standards Board previously on July 7.
  • As per the new order given by South Korea’s financial watchdogs, all companies which hold cryptos for investment will be needed to reveal disclosures concerning the classification of the token, market value, and book value of its holding.
  • The aim of this latest mandate as per the regulators is to enhance the crypto market transparency, protect the investors, and encourage the domestic crypto industry growth.
  • According to Xangle, a cryptocurrency data platform, the crypto investors in South Korea account for a remarkable part of the international market. Last year’s end following the United States dollars and Japanese yen, the Korean won takes the 3rd position as the most-used currency in Bitcoin activities.
  • It wasn’t quite clear whether companies can or cannot immediately identify what it meant by “sale of an issued crypto to a customer”. However, this new guideline will assist companies to identify the meaning of sales as a profit after concluding every responsibility owed to the crypto holder. For instance; rewards and perks allocation.

Crypto Outlook

As of the time of this writing, Bitcoin price is at $30,860 with an increase in the market cap by 1.14% and a decline in volume by 21.20%

On the other hand, the Ethereum price is $1,895.52. Its market cap increased by 1.02% while the trading volume declined by 20.91%.

ALSO READ:A Crypto Firm & 12 Others Join Brazil’s CBDC Pilot Program

The price of Tether is at $1.00 with an increase in market cap by 0.02% and a trading volume decrease of 19.79%.

BNB‘s price at the moment is $247.75, with an increase in market cap by 0.77% and a 30.50% decrease in volume.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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