South Korea wants companies to disclose crypto assets

South Korea will require companies that own or issue crypto to disclose their assets in their financial statements from 2024. According to the draft law, companies will publish cryptocurrencies-related transactions in detail. The amount of sales, features, business models and accounting policies of cryptocurrencies will be among the information disclosed. Companies will provide information about the profits, volume and market value of cryptocurrencies.
Under the rules, companies will account for crypto asset transactions in line with their obligations to company owners. It was stated that the costs incurred in the development of crypto assets and their platforms will not be recognized as intangible assets.
Accounting discussions on cryptocurrencies in the country have been going on for a while. The announcement also included the preparation of audit procedure guides. South Korea passed a crypto bill in the first week of July. The bill was the country's first step towards a digital asset legal framework.
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