South Korea sets standards for conducting crypto-currency accounting

The Korea Accounting Institute (KAI) is going to view digital currencies as "liquid assets".

Currently, the laws of South Korea allow you to consider the crypto currency as a non-current asset, but KAI proposes to introduce new conditions for accounting.

According to them, based on the purpose of buying and storing the digital currency, as well as the duration of its ownership, the asset will become liquid.

KAI representative: the project will be ready in March

In addition, if the market is active and reliable, the value of the crypto currency will be classified as the value of the asset, and the prices of the digital currencies traded in smaller markets will be calculated based on historical costs.

According to the statement of the official representative of the Institute, work is still underway to create standards and discuss the conditions for their operation. Also, he noted that KAI plans to present the result of the work as early as next month, reports CCN.

Earlier it became known that income of all local crypto-exchangers of South Korea amounted to $ 648 million for 2017 year.

Author: Vasilisa Ming, Analyst Freedman Club Crypto News

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