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New accounting rules stimulate crypto adoption by companies

New accounting rules stimulate crypto adoption by companies

Good news for the crypto sector. The Financial Accounting Standards Board (FASB) has published new accounting standards that allow companies to invest in cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). This positive news could have a good impact on the adoption of cryptocurrencies in business.

Companies can now invest in crypto

Companies that want to invest in cryptocurrencies often face various obstacles at the moment. This is because cryptocurrency is still new to companies and there is no clear legal and regulatory framework. The same applies to accounting standards.

Due to the uncertainty surrounding cryptocurrency investments for companies, it is often complicated for companies to make this possible. With these new FASB standards, this will change in the United States.

These new standards, which will come into effect on December 15, 2024, will allow companies to include the value of their cryptocurrencies in their accounting at the current value. This is a significant step forward compared to the current standards. Currently, companies must hold on to the original purchase price, and this results in significant effort for accounting to accurately reflect the current value.