South Korea’s Financial Services Commission (FSC) proposed a new bill on 11 July, requiring all firms that issue or hold crypto to disclose their holdings. The new rules, which are expected to come into effect on 1 January 2024, aim to increase transparency in crypto asset accounting and reporting, adhering to the supervision guidelines that mandate accounting for each crypto-related transaction. FSC will also revise accounting standards of mandatory disclosure of virtual asset transactions. The draft supervision guidelines currently cover fungible assets based on distributed ledger technology or a “similar technology”, or those issued using cryptography, security tokens or digitised securities under the Capital Markets Act.