The Financial Accounting Standards Board (FASB) has approved rules for accounting for the fair value of companies’ cryptocurrency holdings, which will go into effect in 2025. Fair value is the estimated price of an asset that takes into account current market value and other decisive elements. The new accounting method will increase volatility in the […]
Genesis Global Capital (GGC), a bankrupt cryptocurrency lender, has filed two lawsuits against Digital Currency Group (DCG) and its affiliate DCG International Investments (DCIG) in the Southern District of New York Bankruptcy Court. The suits are seeking the repayment of overdue loans worth over $600 million in total. The complaint against DCGI states that GGC […]
Bitop Exchange, a leading digital financial service platform, has unveiled enhancements to its core products to better meet the needs of retail and institutional clients. The exchange is aiming to attract traders exploring investment options in commodities, stocks, spot and derivatives via a user-friendly platform. It has become licensed by the U.S. Securities and Exchange […]
Coinbase, a publicly traded American cryptocurrency exchange, has launched a new lending offering called Coinbase Credit for institutional investors in the United States. The program seeks to fill the void created by bankrupt firms like BlockFi and Celsius Network, and customers of Coinbase’s institutional-based trading platform Prime have already invested up to $57 million in […]
Alexander Mashinsky, former CEO of the bankrupt cryptocurrency lender Celsius Network, had his assets frozen by a federal court in New York on August 16, 2023. The restraining order, which was made public on September 5, included several bank accounts and real estate owned by Mashinsky or entities under his control. The court found probable […]
Under India’s G20 presidency, discussions are underway to establish a global framework for cryptocurrencies. Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations among G20 member states. India’s Minister of Finance Nirmala Sitharaman confirmed this during the Global Fintech Fest on Sept 5, noting that crypto is both a threat […]
Tether, a stablecoin issuer, has become one of the top buyers of United States Treasury bills in the world, according to a post by Tether CTO Paolo Ardoino. Ardoino highlighted that Tether currently has an exposure of $72.5 billion in US T-bills, ranking above many countries like Spain, Mexico, Australia and the United Arab Emirates. […]
The Financial Services Agency (FSA) of Japan has proposed to change the tax code in regard to digital assets. The most notable suggestion is to free domestic firms from the end-of-the-year “unrealized gains” tax on crypto. The amendment, proposed by the FSA, has the potential to be effected, as the Agency states that the Ministry […]
Stake, a crypto betting platform, was hacked to the tune of $41.3 million, according to blockchain security firms. The platform was able to resume services only five hours after the incident. Stake confirmed that user funds remain safe and that their Bitcoin, Litecoin, and XRP wallets were not impacted. Analysis by Beosin calculated the total […]
Jay Clayton, former chairman of the US Securities and Exchange Commission (SEC), believes that the approval of a spot Bitcoin ETF is “inevitable” despite delays on seven applications. A spot Bitcoin ETF is an exchange-traded fund that invests directly in Bitcoin, allowing investors to trade shares of the fund on stock exchanges. The SEC has […]
