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Korea’s FSS to Collect Public Comments on Financial Statement Guidelines for Virtual Asset EntitiesThe South Korean Financial Supervisory Service (FSS) has revealed a set of exemplary financial statements aimed at clarifying the disclosure requirements of virtual asset-related entities. These guidelines have been designed to align with the Korean version of International Financial Reporting Standards (K-IFRS), which was established by the Korea Accounting Institute (KAI).It was reported earlier this month that the Financial Services Commission (FSC) brought forward these regulations to tackle accounting uncertainties within the blockchain industry.The main goal of these exemplary guidelines is to help entities provide financial statement readers with essential information regarding virtual assets. This includes details about the reserve amount held by virtual asset issuers and information about the virtual assets held by virtual asset service providers (VASPs).Photo by Kelly Sikkema on UnsplashPresentation sessionsTo ensure effective dissemination and understanding of these guidelines, the FSS, KAI, and the Korean Institute of Certified Public Accountants (KICPA) have planned presentation sessions. These sessions will take place from July 26 to August 11, which will involve visits to VASPs, listed companies, and accounting firms. Valuable feedback and suggestions from these stakeholders are anticipated, as the events encourage open two-way communication and welcome participation from anyone interested.Discussion meetingsTo further refine the ideas put forward during the presentation sessions, two separate discussion meetings with experts are scheduled for September and October. The recommendations gathered from the industry will undergo a careful review by experts and be thoughtfully incorporated into the guidelines.The FSS will finalize the guidelines in cooperation with the FSC, and the Securities and Futures Commission under the FSC will review them and give approval for their implementation. This is expected to take place between October and November.The FSC has stated that these exemplary guidelines are currently in their preliminary stage and open to potential changes during the public comment period. Additionally, companies have the flexibility to make necessary adjustments to these practice guidelines to suit their specific needs and requirements.Issuers, holders, exchangesThe exemplary practice guidelines are specifically targeted at three types of entities: virtual asset issuers, virtual asset holders, and virtual asset trading exchanges.For virtual asset issuers, providing essential information about their virtual assets is a key requirement. This information should encompass their business models, accounting policies, obligations (e.g. whitepapers), and the current status of their projects. Such details should be disclosed in the annotations of their financial statements. Furthermore, revenue generated from the sales of virtual assets must be recognized, and any changes to their obligations should be duly noted. Moreover, disclosure of the reserved amount of issued virtual assets and their intended usage plan is mandatory.Companies holding virtual assets must provide information regarding accounting policies, the total value of assets held, the reasons behind their holdings, and any gains or losses incurred. Additionally, holders are obligated to disclose risks associated with virtual assets and their potential impact.Virtual asset trading platforms, such as exchanges, are mandated to disclose not only their own virtual asset holdings but also those held on behalf of their customers. This disclosure should encompass detailed information about their accounting policies, the total value of assets under their custody, associated risks, and the involvement of third-party custodians. In particular, the platforms must indicate whether they treat customer assets under their custody as assets or liabilities and provide a clear rationale for such classification in the annotations of their financial statements.

The Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) in the Philippines has launched an initiative to educate the Southeast Asian country’s young people in relation to blockchain technology and non-fungible tokens (NFTs). The DOST published a blog article on its website on September 23 titled “Opening opportunities for the youth: DOST-ASTI highlights blockchain applications across various sectors.” It highlighted that technologies such as blockchain are “key forces reshaping how public and private institutions operate.” It’s on that basis that the government agency believes that there is a need to familiarize the country’s youth with blockchain technology, digital assets and NFTs. Photo by Choong Deng Xiang on UnsplashTech forum With that objective in mind, DOST-ASTI held a tech forum titled  “ASTIg Tech Talks Season 2: Blockchain for Young Innovators” on September 20 in Pasay City to fulfill that objective of aiding Filipino youngsters in becoming better acquainted with blockchain technology. The event formed part of the second National Youth Science, Technology and Innovation Festival (NYSTIF). In that effort, the agency is placing a focus on the real-world applications associated with blockchain technology, and with that, an emphasis on the fostering of this innovation going forward. DOST-ASTI placed blockchain in the same category as other emerging innovations such as the Internet of Things (IoT) and artificial intelligence (AI), pointing out that these are tangible innovations rather than hyped buzzwords. Job opportunities DOST-ASTI Senior Science Research Specialist Roxanne Aviñante spoke at the event, introducing the concept of blockchain to those participating students in attendance. Aviñante outlined that the emerging technology is building momentum and with that, increasingly there are job opportunities opening up within the sector. While acknowledging that blockchain’s first application was cryptocurrency, Aviñante pointed out that other use cases are being found. With that, she referred to “Self-Sovereign Identity Empowerment: Reinventing Rights and Attributes” (SIERRA), a blockchain-based system for managing intellectual property that is being developed by DOST-ASTI. Marc Jerome Tulali, a science research specialist at DOST, discussed the use of blockchain in voting systems and how it addresses deficiencies in traditional voting systems. Tulali claimed that blockchain can enhance traceability and transparency, as it provides a clear flow and record of product movement. Additionally, its characteristics make it ideal in addressing fraud and counterfeiting risks. Tulali recommended participating students to enroll in online educational courses in order to learn more about the field. He also provided details of four sample careers in blockchain, including blockchain developer, blockchain architect, NFT artist and blockchain researcher, as potential job opportunities for the students in the future. The Philippines has featured consistently within the top twenty of nations on Chainalysis’ Global Crypto Adoption Index in recent years. It has long been considered an ideal market for furthering crypto-based payments, given the large Filipino diaspora sending millions of dollars back home from overseas each year. With that remittance market in mind, Australian startup Stables Money recently partnered with Philippines-based digital assets platform Coins.ph to use a Philippine peso-based stablecoin for remittances.

Incheon City to Host Blockchain Conference Showcasing its VisionIncheon City will host a blockchain conference, Incheon Metanomics 2023, to showcase its vision at the Songdo Convensia Convention Center on May 9.The event will present the city’s goal of building a blockchain ecosystem and fostering digital economy growth. About 150 blockchain experts from around the world are expected to attend, according to Block Media.Insightful talksProminent industry figures, including Leon Sing Foong, the head of Asia-Pacific operations at cryptocurrency exchange Binance; Steve Park, Asia-Pacific head of public policy at online game platform Roblox; and Justin Kim, a solutions architect at semiconductor company AMD, will speak at the event. Foong will talk about the collaboration between crypto exchanges and governments, Park will provide insights into the future of the metaverse, and Kim will address upcoming trends in decentralized storage systems.Registration for the conference is free and open until May 4 through Event Us, with a live stream of the event available on YouTube.Incheon and DubaiIncheon has been working towards establishing a special digital economy zone within the city by utilizing blockchain technology. In March, Incheon Mayor Yoo Jeong-bok met with Ahmed Bin Sulayem, the executive chairman of the UAE’s Dubai Multi Commodities Centre (DMCC), to discuss cooperation in the blockchain industry and digital economy.The DMCC, a free trade zone in Dubai, hosts over 65,000 workers from more than 21,000 companies across 180 countries. Notably, the DMCC crypto center is home to a community of over 500 crypto firms, fostering the Web3 and blockchain economy.Similarly, Incheon operates a free trade zone that connects 147 cities with populations exceeding 1 million within a three-hour flight radius. The Incheon Free Economic Zone is appealing to global blockchain companies as it offers flexible business operations for foreign entrepreneurs.© Pexels/joon young, Park