Kobit, a domestic cryptocurrency trading site, announced on the 26th that it has published’Guidelines for Virtual Real Estate (Cryptocurrency) Business and Investment’ together with Kwangjang Law Firm and Korea Digital Asset Trust (KDAC).
As the amendment to the Act on Reporting and Use of Specific Financial Transaction Information (Special Act) was implemented on the 25th, the three companies published guidelines to help cryptocurrency investors and related businesses easily understand the relevant regulations.
The guidelines contain legal, tax, and accounting guidelines that investors and business owners should know, respectively, as well as questions and answers on issues that may arise in practice. Among them, the tax and accounting guidelines deal in detail with the amendment to the enforcement decree following the 2020 tax law amendment, as well as matters related to the accounting treatment of cryptocurrency investors.
“Since cryptocurrency is a new asset class, both investors and business operators have suffered difficulties because cryptocurrency is a new asset class,” said Oh Se-jin, CEO of Kobit. “We will try to help both investors and business owners.”
The guidelines for cryptocurrency business and investment can be downloaded for free from the announcement on the Cobit website.
