South Korea to ask firms to disclose crypto holdings from 2024

The South Korean federal government is continuing to establish tighter regulations targeting the cryptocurrency market with the introduction of brand-new asset disclosure rules.On July 11, South Koreas Financial Services Commission (FSC) revealed a new bill that will require all firms that issue or hold cryptocurrencies like Bitcoin (BTC) to disclose their holdings.According to the announcement, the FSC examined related propositions and offered the green light to the direct exposure draft expense that presents obligatory disclosure requirements for crypto.The brand-new steps intend to boost openness in accounting and disclosure of crypto properties in line with supervision guidelines that need accounting for each deal involving crypto. The impacted workers supposedly consist of those who presently carry out crypto-related tasks and those who have carried out such responsibilities over the previous six months.While the latest crypto disclosure rules are rather new, South Korea has actually currently required government officials to state their crypto holdings.South Koreas National Assembly all passed an expense that obliges lawmakers and high-ranking public authorities to report on their crypto properties. The effort, extensively referred to as the “Kim Nam-guk Prevention Law,” came in action to a scandal involving some public officials allegedly controling the market and moving big amounts of crypto.Collect this short article as an NFT to preserve this minute in history and show your support for independent journalism in the crypto space.Magazine: Asia Express: China broadens CBDCs arms, Malaysia is HKs new crypto rival