The South Korean government has introduced new guidelines for the accounting of virtual assets in response to the confusion and market uncertainty caused by the lack of clear accounting standards for cryptocurrencies. The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have prepared specific guidelines for supervisory work, which fall within the scope of reasonable interpretation of the International Financial Reporting Standards (IFRS).

The new guidelines aim to provide a clear framework for the accounting of virtual assets, preventing incidents like the WEMIX accounting controversy from recurring. The guidelines provide explicit direction on accounting standards for each transaction type and phase associated with virtual assets, including the recognition of sales revenue only after fulfilling all obligations to asset holders.