The Korean Institute of Accounting considers the plan for classifying crypto-Currency in financial reporting as “liquid assets”. The Office is also studying provisions that classify them as “non-current assets”. The use of the latter option will depend on the specified storage of the Crypto Currency and the duration of its possession (in this case, this period should exceed 1 year).

According to Business Korea, the Institute plans to finalize the development of accounting standards for crypto currency in March this year.

It should be noted that the steps to recognize the crypto currency as an asset reflected in the financial statements occurred at a time when the National Service for Financial Supervision (FSS)  called  for the “normalization” of the country’s crypto currency.

The other day, in a conversation with reporters, the head of FSS Choo Heung-sik said that the government will support those crypto-currency transactions that are not anonymous, and will encourage banks to interact with crypto-exchanges through virtual accounts.

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