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FASB Approves New Accounting Standards for Crypto Holdings

The Financial Accounting Standards Board (FASB) in the United States has given unanimous approval to new accounting standards for disclosure of cryptocurrency holdings. The FASB, a non-governmental entity overseen by the U.S. Securities and Exchange Commission (SEC), introduced these rules in March, departing from the traditional practice of valuing cryptocurrency assets solely based on unrealized losses. The new rules set by FASB will impact how companies report their financial performance, with gains and losses related to cryptocurrencies becoming a standard part of their quarterly income reports. One notable aspect of this development is its potential to remove obstacles.

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