{"id":81607,"date":"2023-07-12T14:13:34","date_gmt":"2023-07-12T11:13:34","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81607"},"modified":"2025-09-11T23:57:08","modified_gmt":"2025-09-11T20:57:08","slug":"south-korea-to-require-disclosure-of-digital-asset-holdings","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korea-to-require-disclosure-of-digital-asset-holdings\/","title":{"rendered":"South Korea to require disclosure of digital-asset holdings"},"content":{"rendered":"<p>From January 2024, <span data-descr=\"Financial Services Commission of South Korea\" class=\"old_tooltip\">FCS<\/span> <a href=\"https:\/\/www.fsc.go.kr\/no010101\/80379?srchCtgry=&#038;curPage=&#038;srchKey=&#038;srchText=&#038;srchBeginDt=&#038;srchEndDt=\">will require<\/a> firms to disclose holdings of digital assets on their balance sheets. This follows from updated accounting rules.<\/p>\n<p>The information includes an assessment and description of tokens, the business model, and accounting policy.<\/p>\n<p>The requirements will also apply to cryptocurrency issuers. They will additionally be required to disclose token classification, as well as the tokens&#8217; market value and book value.<\/p>\n<p>The initiative aims to enhance transparency in reporting. The amendments were approved by the Korea Accounting Standards Board.<\/p>\n<p>The push for approval was sparked by the collapse of the Terra ecosystem, backed by Do Kwon, a South Korean citizen.<\/p>\n<p>In June 2023, the South Korean parliament <a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-passes-bill-on-digital-assets\"> adopted <\/a> a law protecting users of digital assets.<\/p>\n<p>The document consolidated 19 separate bills related to cryptocurrencies. It introduces the concept of &#8220;digital assets&#8221; and defines liability for offenses such as insider trading, market manipulation, and unfair trading practices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From January 2024, the FCS will require firms to disclose holdings of digital assets on their balance sheets. This follows from updated accounting rules.<\/p>\n","protected":false},"author":1,"featured_media":81608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1269,36,974],"class_list":["post-81607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrencies","tag-regulation","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=81607"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81607\/revisions"}],"predecessor-version":[{"id":81609,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81607\/revisions\/81609"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81608"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}