Crypto Accounting Reform: US Regulations Expected By Year-End
Crypto accounting is undergoing a seismic shift in the United States as the Financial Accounting Standards Board (FASB) unanimously approves new rules governing the fair valuation of companies’ cryptocurrency holdings, according to recent reports. The move, widely anticipated and applauded by the financial industry, aims to bring transparency and consistency to a rapidly evolving sector. […]
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Nigel Farage, a British politician and leader of Reform UK, a right-wing political party has outlined a crypto-friendly comprehensive plan to position the United Kingdom as a global leader in digital finance should his Reform party win the next general election. Speaking at the Bitcoin 2025 conference in Las Vegas, the Reform leader announced plans […]
In a groundbreaking move, US accounting standard-setters have unanimously voted to introduce new accounting rules for businesses with significant holdings in cryptocurrencies such as Bitcoin and Ethereum. This decision, expected to be published by year-end, could pave the way for tech giants like Apple, Amazon, and Google to include Bitcoin and altcoins on their balance […]
Earlier today, Congressman Stockman (TX-36) announced on his website in a press release that he plans to introduce the "Virtual Currency Tax Reform Act." I wish he had taken it a step further and called it the "Digital Currency Tax Reform Act," but one can only have so many wins in a day. This piece of legislation, if enacted, would revise the IRS Virtual Currency Guidance released very late last month. Instead of treating virtual currencies such as Bitcoin as property, the Virtual Currency Tax Reform Act will call for their treatment as currency. The exact text of the proposed legislation....
Libra has announced the imminent release of LibraTax, a new software suite designed specifically for digital currency users. The California-based software developer said LibraTax allows individuals and small businesses to comply with the latest IRS regulations and file returns reporting bitcoin, XRP and other cryptocurrency transactions. The suite should become available by the end of August. LibraTax allows bitcoin users to comply with accounting requirements put forth by the IRS earlier this year. Libra said the software will accommodate "all 2013 and earlier" digital currency users as....