The Korean Accounting Institute plans to promote the "Digital Currency Accounting Standards". Bitcoin will be classified as a "current asset" and reflected in the financial statements.

According to South Korean media Business Korea, the Korea Accounting Institute (KAI) is developing accounting standards for cryptocurrencies, a move that highlights how cryptocurrencies have firmly penetrated South Korean society and are gaining in status.

It is reported that the Korea Accounting Institute plans to classify encrypted digital currencies such as Bitcoin as "current assets" within the scope of the Korea Accounting Standards Board (KASB) so that they can be classified in financial statements. On the other hand, the Korea Accounting Institute believes that in active markets with reliable price indicators and high trading volumes, the fair value of digital currencies will be regarded as asset value; however, digital currencies traded in smaller, inactive markets need to calculate their historical costs when determining their value.

An official from the Korea Accounting Institute confirmed that the work is in progress and is expected to announce accounting standards related to digital currencies within the next three months, saying:

“Accounting standards for virtual currencies are still in the drafting stage, and we need to have more discussions and start the accounting standards for depreciated virtual currencies by next month.”