🚀 EU To Finalize Stablecoin Regulations By Year-End
#EU #stablecoin #regulations #Tether #Circle #EuropeanBankingAuthority #EBA #EuropeanCommission #ESMA #financialstandards #cryptocurrency
According to Odaily, a spokesperson for the European Banking Authority (EBA) has indicated that standards governing how stablecoin issuers like Tether and Circle operate within the European Union (EU) are likely to be finalized by the end of the year. These standards are part of 15 technical standards submitted by the EBA to the European Commission, developed in collaboration with the European Securities and Markets Authority (ESMA). The Commission is currently reviewing these standards and will decide whether to adopt the text as is or request modifications. The standards address issues such as authorization, stress testing, and methods for estimating transaction volume and value.#EU #stablecoin #regulations #Tether #Circle #EuropeanBankingAuthority #EBA #EuropeanCommission #ESMA #financialstandards #cryptocurrency
🚀 FASB Implements Fair Value Accounting Rules for Bitcoin
#FASB #FairValueAccounting #Bitcoin #AccountingRules #MicroStrategy #ReserveAsset #CorporateFinance #FinancialStandards #BTC
According to PANews, the Financial Accounting Standards Board (FASB) has officially implemented fair value accounting rules for Bitcoin, effective today. Previously, companies could only assess Bitcoin's value based on its purchase price, without considering any appreciation.
This development is expected to significantly impact how businesses manage Bitcoin as a reserve asset. Michael Saylor, the founder of MicroStrategy, highlighted last week that the FASB's adoption of these rules marks a pivotal change. The new accounting standards will apply to fiscal years beginning after December 15, 2024. This advancement is anticipated to encourage more companies to adopt Bitcoin as a reserve asset, potentially increasing its integration into corporate financial strategies.#FASB #FairValueAccounting #Bitcoin #AccountingRules #MicroStrategy #ReserveAsset #CorporateFinance #FinancialStandards #BTC
🚀 Hong Kong Securities Regulator Sets New Standards for Virtual Asset Custody
#HongKong #SecuritiesRegulator #VirtualAssets #Custody #Blockchain #CryptoTrading #Regulations #ASPIRe #DigitalAssets #FinancialStandards
According to BlockBeats, the Hong Kong Securities and Futures Commission (SFC) issued a circular to all licensed virtual asset trading platforms on August 15. The circular outlines the requirements for robust custody of client virtual assets, laying a solid foundation for the industry's gradual adoption of advanced custody technologies under the ASPIRe roadmap.
The latest circular from the SFC lists several best practices and minimum standards that virtual asset trading platform operators must meet. These include responsibilities of senior management, infrastructure and operations of client cold wallets, the use of third-party wallets, and real-time threat monitoring. In the future, these standards will become core regulatory requirements for virtual asset custodians and will help promote the establishment of an effective virtual asset custody framework in the industry.#HongKong #SecuritiesRegulator #VirtualAssets #Custody #Blockchain #CryptoTrading #Regulations #ASPIRe #DigitalAssets #FinancialStandards
🚀 FASB to Discuss Accounting for Crypto Asset Transfers
#FASB #cryptoasset #accounting #cryptotransfers #stablecoins #digitalassets #cash #financialstandards
According to BlockBeats, the Financial Accounting Standards Board (FASB) is set to meet on November 19 to deliberate on whether to formally include 'accounting for crypto asset transfers' in its technical agenda. The meeting will explore several potential approaches, including expanding the scope of the landmark crypto asset accounting standards introduced in 2023, clarifying derecognition accounting guidance for crypto asset transfers, or implementing both measures.
This meeting comes just weeks after FASB added another technical project aimed at determining whether certain digital assets, such as stablecoins, can be classified as 'cash' equivalents.#FASB #cryptoasset #accounting #cryptotransfers #stablecoins #digitalassets #cash #financialstandards