By Elise Hansen (March 31, 2022, 7:23 PM EDT) — Firms that safeguard customers’ cryptocurrency holdings ought to record that as a legal responsibility on their steadiness sheet and supply enhanced disclosures to potential buyers, U.S. Securities and Alternate Fee employees stated Thursday.
In an accounting bulletin, SEC employees stated holding cryptocurrencies and related digital property entails particular authorized and regulatory dangers in addition to technical challenges. The employees stated the dangers embrace a dearth of authorized precedent round questions reminiscent of theft or chapter, and the comparatively fewer rules which may apply to some cryptocurrency companies.
As well as, “entities is probably not complying with regulatory necessities that do apply, which leads to…
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