South Korean Ministry of Education stated that "if universities accept asset donations other than cash (such as stocks), they can be evaluated and recorded based on the fair value at the time of the donation." Kang Min-ting, a member of the Education Committee, stated that "currently, there are no clear regulations on the accounting method for accepting donations of virtual currency by universities, but the virtual currency held will be accounted for as intangible assets based on the international financial reporting standards (K-IFRS) adopted by South Korea." The South Korean Ministry of Education stated that after the South Korean Ministry of Finance confirms the "Virtual Asset Accounting Regulatory Guidelines," it will promptly formulate guidance for universities.