SouthKorea takes a stern stand on crypto with this new directive
the Kim Nam-guk Prevention Law in May that obligates lawmakers and high-ranking public officials to report on their crypto assets.
While the International Financial Reporting Standards lag behind market changes in terms of accounting principles applied to cryptocurrencies, the regulator stated that the enactment of the latest laws regulating and protecting crypto assets has spurred the need for new accounting rules that resolve uncertainties in local markets.“This will provide readers of corporate financial statements with more credible and reliable information.
As transactions in virtual assets have grown in popularity, their impact on corporate accounting has also grown. But financial statements of companies do not include correct details regarding corporate holding of crypto assets, as per the FSC. The information on crypto assets for fiscal year 2023 will be included in the commentary section of the quarterly financial statements published by companies as early as next year.published in March, the citizens of South Korea transacted $4.3 billion through “illegal” crypto exchanges in 2022.
The overall amount of funds caught in financial crimes stood at $6.2 billion in 2022. Crypto transactions comprised almost 70% of all the illicit money traffic captured by the officers.
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