The Korea Accounting Institute is reportedly planning to categorize cryptocurrencies like bitcoin as ‘liquid assets’ in a bid to classify them in financial statements.
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The Institute’s move to recognize and classify cryptocurrencies in financial statements come at a time when the country’s financial regulator called for the ‘normalization’ of cryptocurrencies in Korean society. Speaking to reporters this week, Choe Heung-sik, head of the Financial Supervisory Service (FSS), confirmed the government would support normal cryptocurrency transactions that aren’t anonymous and, in a sign of backing the cryptocurrency sector further, said the government will encourage banks to establish ties and engage in transactions with crypto exchanges through virtual bank accounts...Click here to know the details story
AUTHOR
Samburaj Das
