The Financial Services Commission (FSC) of South Korea has recently issued a requirement to companies, in which the FSC wants companies to disclose in their financial reports if they hold cryptocurrencies, starting from 2024.
Under the new regulation, companies will be required to disclose information about the quantity, characteristics, business model, and accounting policies related to their cryptocurrency holdings, as well as the profits, volumes, and market values of their cryptocurrencies.
The announcement from the Financial Services Commission (FSC) regarding the decision on the draft rules stated that these measures aim to enhance transparency in accounting following the enactment of the Virtual Asset Consumer Protection Act on June 30th.