Breaking News: Basel Committee updates Bank Crypto Rules BY GOLDILOCKS

 GOLDILOCKS

Breaking News: Basel Committee updates Bank Crypto Rules.

The new standards will be published later this month. These standards finalize the set of tables and templates banks use in cryptoasset disclosures.  

Crypto asset disclosures are requirements for reporting entities to disclose information about their crypto asset holdings during annual and interim reporting periods. 

Some common requirements include:

* Fair value estimates

* Risk concentration

* Balance sheet presentation ie companies need to present crypto assets separately from other intangible assets on a balance sheet.

For significant crypto asset holdings, reports must include: name, cost basis, fair value, and number of units held. 

For crypto assets that are not individually significant, reporting entities need to disclose the aggregate cost bases and FAIR VALUES. 

For annual periods, reporting entities need to disclose the method used to determine the cost basis of disposed crypto assets when calculating gains and losses.

The Basel Committee previously delayed the implementation date to January 1, 2026. As you can see, the date has been moved up significantly.

All in all, we are being told that the digital asset based trading system is about to move into real values. The first RV.

© Goldilocks 

https://www.ledgerinsights.com/basel-committee-updates-bank-crypto-rules/

https://www.ledgerinsights.com/basel-committee-bank-crypto-disclosures-2/