Cryptocurrency Analysis and News Portal
Unfortunately, because bitcoin is treated as an indefinite-lived intangible asset, the company is not allowed to increase the value of the bitcoin to accurately represent the financial reality that the asset it holds is now worth more. Mark-to-market assets, in contrast, allow companies to adjust the value of an asset
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The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading. SCB Postpones Acquisition of Thai Crypto Exchange Bitkub The parent company of Siam Commercial
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The much-anticipated financial services and markets bill presented to the country’s parliament includes rules for stablecoins as a means of payment. Source
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In the bill, cryptocurrencies are referred to as “digital settlement assets,” (DSAs), meaning “a digital representation of value or rights.” The rules will largely apply to stablecoins – cryptocurrencies whose prices are pegged to another asset, such as the U.S. dollar, along with other digital assets used for payments or
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“Now that we have clear digital asset definitions established, a milestone that many governments have still failed to achieve, we can move forward. The zone can quickly pass thorough and comprehensive frameworks for the regulation of DAOs, stablecoins and other facets of the Web3 space that are currently poorly defined
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The global standard-setter IOSCO's new fintech task force will focus on setting up policy recommendations for digital assets to be published in 2023. Original Source
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The President’s Working Group on Financial Markets, an intergovernmental group composed of the heads of several financial regulators, met Thursday to discuss recent stablecoin activities and future legislation. This legislation would be introduced by the House Financial Services Committee, the official said. Original Source
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The 1% TDS liability – which will take effect on July 1 – is the most controversial provision of India’s recently introduced crypto tax law, with the industry even exploring a legal challenge. Another provision, which enforces a 30% capital gains tax on all crypto transactions, took effect on April
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The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated. A top official emphasized the department means that cryptocurrencies may be used in barter deals, but not as legal tender. Crypto Payments Not for Russian State Settlements, Ministry
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A virtual currency cannot be circulated in the market as a currency, therefore a vehicle sale contract wherein parties agreed that the buyer would pay with a privately issued digital currency is invalid, a Chinese court has ruled. The court asserts that a virtual currency does not have the same
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