South Korea's FSC to Implement New Rules in 2024, Requiring Crypto Firms to Disclose Holdings

South Korea's Financial Services Commission (FSC) has announced new regulations that will require firms issuing or owning cryptocurrencies to provide detailed disclosures in their financial statements starting from January 2024. The disclosures must include information about the amount and characteristics of the crypto tokens, business models, and internal accounting policies. The FSC aims to enhance accounting transparency following the investigation into the collapse of Terra, which resulted in a loss of around 40 billion in a few days.