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Regulations concerning cryptocurrencies have yet to fully mature anywhere in the world. The US has taken a new step in this regard, particularly regarding the accounting of assets for companies, which has remained uncertain. The newly adopted rules will come into effect in 2025.
US Cryptocurrency Regulations
Before the end of this year, many cryptocurrency bills are expected to be voted on in the House of Representatives and the Senate, and reach Biden’s desk. There are also decisions and regulations that institutions can make internally. According to the decision unanimously taken by the Financial Accounting Standards Board (FASB), crypto companies and other businesses with significant crypto assets will have long-awaited accounting rules to measure the value of cryptocurrencies in their company vaults.
According to the new rules, expected to be published by the end of the year, companies holding or investing in cryptocurrencies will be required to report their assets at fair value, which is a measure that aims to capture the most current value of an asset, including recoveries in value after price declines.
FASB announced that the rules will come into effect in 2025, but companies will have the option to implement them early. US accounting rules do not currently address how companies should recognize and measure their cryptocurrency holdings until this new guidance is in effect.
