The Financial Accounting Standards Board (FASB) has announced new rules that will significantly impact how U.S. companies account for cryptocurrencies like Bitcoin. Starting from December 15, 2024, companies will be required to record these digital currencies at fair market value. This means that the value of their cryptoassets will need to be updated based on […]
Crypto companies and institutions holding crypto assets in the United States will soon be able to record the value of their assets more accurately, thanks to new accounting rules set by the Financial Accounting Standards Board (FASB). Currently, crypto assets are considered indefinite-lived intangible assets and are subject to impairment. This means that if the […]
The Financial Accounting Standards Board (FASB) has announced new standards that will allow companies to use fair-value accounting for specific cryptocurrencies on their balance sheets. These standards, which will be effective from December 15, 2024, aim to improve the transparency of financial reporting for crypto assets.Previously, companies were required to value their crypto holdings at […]
In a recent court hearing in Singapore, Su Zhu, co-founder of Three Arrows Capital (3AC), faced questioning regarding the collapse of the crypto fund. The liquidators, Teneo, sought details on the fund’s failure and the location of assets in their efforts to recover billions of dollars owed to creditors.Zhu’s arrest at the Singapore airport in […]
Rostin Behnam, the chairman of the US Commodity Futures Trading Commission (CFTC), has expressed concerns about the lack of clear regulatory guidelines for cryptocurrencies in the United States. He believes that many cryptocurrencies should be considered commodities under existing laws. Behnam argues that the rapid development of this new technology requires a fresh approach to […]
Su Zhu, co-founder of the crypto hedge fund Three Arrows Capital (3AC), is set to be released from custody after spending several months behind bars. Zhu had received a four-month jail sentence for non-cooperation in the liquidation process of the collapsed firm. However, his release is now attributed to his good behavior during his time […]
The recent Israel-Gaza war has sparked a renewed push for stricter regulation of the crypto market in the United States. Senator Elizabeth Warren and her colleague Roger Marshall have written a letter to the president, urging for stronger measures to combat the alleged use of crypto by groups like Hamas to raise funds and evade […]
Dubai-based cryptocurrency exchange CoinMENA has been awarded a virtual asset service provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows CoinMENA to operate and offer services in and from Dubai. CoinMENA can now provide virtual asset broker-dealer services to retail and institutional customers in the United Arab Emirates (UAE), allowing them […]
The United States Securities and Exchange Commission (SEC) has served a lawsuit to HEX founder Richard Schueler, also known as Richard Heart, at his residence in Helsinki, Finland. The SEC alleges that Heart made over $1 billion by selling unregistered securities, including Hex, PulseChain (PLS), and PulseX (PSLX). Additionally, the agency claims that Heart defrauded […]
El Salvador has received regulatory approval for its Volcano Bitcoin bonds, which aim to raise $1 billion from investors. These bonds are supported by the country’s Bitcoin mining industry, which utilizes renewable volcanic energy. The funds raised will be used to construct the highly anticipated “Bitcoin City.”The bonds are set to be issued in the […]
