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MondaySep 11, 2023 10:30 am

Corporations Holding Cryptos to Benefit from Switch to US Accounting Regulations

Media reports have confirmed the unanimous approval of regulations governing the assessment of the fair value of cryptocurrency holdings by companies, as declared by the U.S. Financial Accounting Standards Board (FASB). The FASB serves as the regulatory body responsible for establishing and dictating accounting and reporting standards adhered to by entities following the principles of U.S. Generally Accepted Accounting Principles (GAAP). In the month of March, the FASB initiated a request for input regarding suggested modifications to the FASB Accounting Standards Codification. Following a thorough discussion, the proposed amendments were subjected to a formal vote on Sept. 6, 2023, thus…

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ThursdaySep 07, 2023 11:30 am

LSEG Considering Blockchain for Setting Up Digital Ecosystem

The London Stock Exchange Group (LSEG) is currently exploring the utilization of blockchain technology to establish a comprehensive digital marketplace ecosystem aimed at facilitating the raising and transfer of capital across a diverse range of asset categories. Murray Roos, head of capital markets at LSEG, shared with the Financial Times that the exchange has dedicated approximately a year to investigating the potential of establishing a blockchain-powered trading platform. Roos emphasized that LSEG's focus lies not in constructing anything related to cryptocurrency assets but rather in harnessing blockchain technology to enhance the efficiency associated with the procurement, sale and custody of…

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TuesdaySep 05, 2023 12:00 pm

Cryptos Climb as Court Paves Way for Bitcoin ETF

Last week witnessed an upsurge in the valuation of cryptocurrency assets, catalyzed by a significant legal development within the United States. This event unfolded as a U.S. court paved the way for the introduction of the country's inaugural exchange-traded fund (ETF) focused on Bitcoin. This court verdict stands as a pivotal occasion for enthusiasts of cryptocurrencies and poses a setback for the Securities and Exchange Commission (SEC), which has been diligently working toward the effective regulation of the rapidly expanding digital asset sector. A trio of judges on the DC Court of Appeals executed a decisive action by overturning the…

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FridaySep 01, 2023 11:15 am

The U.S. Treasury Announces New Cryptocurrency Tax-Reporting Requirements

A proposal set forth by the U.S. Treasury Department introduces a fresh regulation aimed at compelling crypto brokers to disclose information regarding users' digital asset exchanges and sales. The rule constitutes a component of efforts led by regulatory entities and Congress, all geared toward tightening the reins on cryptocurrency users who might potentially elude tax obligations. In line with this, a newly devised tax reporting document referred to as the 1099-DA Form has been conceived, with the primary objective of assisting taxpayers in ascertaining their tax accountabilities. The origin of these requirements can be traced back to the 2021 Jobs…

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