The Financial Accounting Standards Board (FASB) has recently adopted new accounting rules for Bitcoin, which will have a significant impact on corporate finance. These rules, effective from fiscal years beginning after December 15, 2024, introduce fair value accounting for Bitcoin, aligning its treatment with other financial assets.This move by the FASB represents a milestone in […]
The Basel Committee on Banking Supervision, a regulatory body comprised of central banks and financial authorities, has proposed measures to adjust its standard on banks’ exposure to cryptoassets. The committee published a consultative document on its website, outlining proposed changes to the prudential standards for stablecoins.The proposed changes primarily focus on the composition of reserve […]
The introduction of Instant Payment in the Swiss payment system is expected to be the biggest change since the introduction of QR codes on invoices. The Swiss National Bank (SNB) and SIX subsidiary Swiss Interbank Clearing (SIC) have laid the groundwork for the implementation of Instant Payment with SIC5. The new system has already been […]
CoinW, the world’s pioneering cryptocurrency exchange, has recently strengthened its presence in the Middle East and North Africa (MENA) region. The company participated in two industry events, the DATE Fintech Show in Saudi Arabia and the Global Blockchain Congress in Dubai, UAE, as part of its strategic move to expand globally into MENA.During the Global […]
The head of the Philippine Securities and Exchange Commission, Kelvin Lee, has clarified that the ban on cryptocurrency exchange Binance will come into effect three months after the advisory was issued. The advisory was issued on November 28, stating that Binance was operating without a license. Lee addressed the confusion surrounding the ban and explained […]
The Swiss bank, UBS, is intensifying its efforts to reclaim millions of bonus payments that were made to senior executives at Credit Suisse before its collapse. UBS has contacted hundreds of bankers from the acquired Credit Suisse and offered them multi-year payout plans to recover a portion of the 1.2 billion Swiss francs in tied-up […]
The Financial Conduct Authority (FCA), the financial regulator in the United Kingdom, has released a minute-long animated video to educate investors about its marketing rules for cryptocurrency firms. The video, presented in the style of a pixelated Wild West cartoon, aims to explain how to assess whether crypto companies comply with the FCA’s marketing regulations.The […]
Gemini Earn users may only receive 61% of their crypto investments, according to a reorganization plan from Genesis, a defunct crypto lender. The plan has caused outrage among users, with some calling it “brutal.” The complexity of the 374-page document has also been criticized, as many users may require assistance to understand it. The promised […]
Swiss asset manager GAM is expected to report another significant loss in 2023, as its new strategy will take time to take effect. Despite successfully fending off a takeover attempt by Liontrust and implementing a rescue plan with new major shareholder Newgame and French investor Xavier Niel, GAM is still facing financial challenges.The company anticipates […]
Gemini creditors are facing a challenging situation with a proposed reorganization plan that could result in them recovering only a fraction of their original investments in Bitcoin. The plan, if accepted, could see creditors receiving just 30% of the current market value of their Bitcoin holdings or 61% of the value from January 19, 2023. […]
