Global DCA Applauds the US FASB Decision to Advance Digital Asset Research

CHICAGO, Dec. 17, 2021 /PRNewswire/ -- The Global Digital Asset and Cryptocurrency Association (Global DCA), the digital asset self-regulatory association applauds the decision of the US Financial Accounting Standards Board (FASB) to include digital assets in its upcoming research agenda. The Global DCA has been actively engaged in raising awareness of the need for enhanced standards and guidance around the reporting for digital assets under US Generally Accepted Accounting Principles (US GAAP), and in September initiated an industry-wide effort to engage stakeholders as well as other industry groups in a discussion on these important issues as well as potential solutions. Today, in response to industry-wide feedback provided through the formal Invitation to Comment, the FASB announced that it will be pursuing research into accounting for exchange-traded digital assets and commodities.

"The Global DCA welcomes FASB's response to the industry's call for action. We [the Global DCA] realize that there is a good amount of work ahead, and stand ready to work with FASB on forthcoming research to ensure the FASB staff has access to industry expertise, data and resources needed to explore these challenging issues. As a global organization, we are also fully prepared to support all global standard-setters and regulators in similar initiatives." said Renata Szkoda, Chairwoman of the Board of the Global DCA. "This outcome highlights one fundamental truth: by drawing together industry leaders around responsible innovation, we can advance standards which shape industry stewardship."

About the Global Digital Asset & Cryptocurrency Association: Global DCA is a global self-regulatory association for the digital asset & cryptocurrency industry. It was established to guide the evolution of digital assets, cryptocurrencies, and the underlying blockchain technology within a regulatory framework designed to build public trust, foster market integrity and maximize economic opportunity for all participants. Their broad-based membership includes exchanges and trading venues, proprietary trading firms, traders, investors, asset managers, brokerage firms, custodians, decentralized technology organizations, banks, legal firms, audit firms, insurance professionals, academics, consultants, & media. To learn more about the Global DCA, please visit their website at: https://global-dca.org/ 

For further inquiries please contact: Global DCA Accounting and Tax Working Group at [email protected] 

SOURCE Global DCA