Regulations proposing new rules for companies holding Bitcoin have been adopted by the US Financial Accounting Standards Board (FASB).
Highlights
- US accounting standard setters have approved new rules that will allow companies to report the fair value of their cryptocurrency holdings starting in 2025.
- The new rules are expected to increase the transparency and attractiveness of Bitcoin and other digital currencies as a treasury asset for businesses.
- Currently, companies that own or invest in cryptocurrencies must follow an implementation guideline that treats most cryptocurrencies as an intangible asset.
- This accounting method does not reflect the true market value of crypto assets, which are often volatile and can recover quickly after a decline.
- The board said it will continue to monitor the crypto market and take additional measures if necessary.
- The FASB ruled that the new rules will go into effect starting in.
Read the original article
Former Celsius CEO's home and assets ordered frozen in criminal case