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<p class="p1" style="text-align: justify">Another development has occurred in the US, which has come to the agenda with its oppressive legal regulations in the cryptocurrency market. The market accounting application, which was discussed for companies and businesses that own crypto assets, has finally been approved by the authorized institution. With the announcement made by the Financial Accounting Standards Board (FASB) in the US, a solution has finally been produced on this issue.</p>
<h2 class="p1" style="text-align: justify" id="first-reaction-came-from-michael-saylor">First Reaction Came from Michael Saylor</h2>
<p class="p1" style="text-align: justify">The long-standing problem of US-based companies that own crypto assets, such as Microstrategy and Tesla, has finally been resolved. These companies were filing these crypto assets as intangible assets with no ‘value’ in their financial reports. In case of a decrease in the value of these assets, the company had to prepare a loss declaration. However, companies were not allowed to prepare an income statement for any increase in value in these assets.</p>
<p class="p1" style="text-align: justify">The person who invited the officials of the FASB to change this practice was, as you would guess, Michael Saylor, the Founder of Microstrategy. The company, which has the largest <a href="https://en.coin-turk.com/uncertainty-surrounds-spot-bitcoin-etfs-as-us-government-faces-shutdown/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> reserves among companies, had to send a loss declaration to the authorized institution for each loss period. However, no income statement was prepared for the income generated from these reserves. Despite the negative appearance of this situation, Saylor criticized that the positive rise was not seen by investors.</p>
<p><img decoding="async" class="aligncenter wp-image-265479 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/fasb-.png" alt="" width="4800" height="3200"></p>
<h2 id="time-is-running-out-for-sec">Time is Running Out for SEC</h2>
<p class="p1" style="text-align: justify">In the new rule determined by the institution, a separate category was created for crypto assets. According to the purchase price of the company, the profit or loss will be declared to the authorized institution in each financial period. Although the rule will officially come into effect in 2025, companies with crypto assets in their reserves can already benefit from this rule.</p>
<p class="p1" style="text-align: justify">This change in the rule will contribute to the adoption of the cryptocurrency market in the corporate treasury world, led by Bitcoin. Especially companies that want to own crypto assets were afraid that their financial reports would be damaged due to this rule. With this change, companies that want to own crypto assets will be able to make appropriate portfolio allocations according to the upward potential or volatility of the asset.</p>
<p class="p1" style="text-align: justify">The timing of the FASB announcement has drawn the attention of many analysts. While a response is expected from the <a href="https://en.coin-turk.com/important-developments-for-cryptocurrencies-what-to-expect-in-the-coming-week/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC</a> for Bitcoin spot ETFs, the institution’s positive step has been appreciated by everyone. In the near future, the result of the Grayscale case against the SEC may lead to positive steps for Bitcoin spot ETF applications in the coming days.</p> Continue Reading: <a href="https://en.coin-turk.com/us-takes-a-step-towards-crypto-market-accounting/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/us-takes-a-step-towards-crypto-market-accounting/</a>

US Takes a Step Towards Crypto Market Accounting

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