The Global Digital Asset & Cryptocurrency Association is proud to support the City & Financial Global "The Future of Crypto Regulation Summit - Towards a Global Regulatory Framework for Cryptoassets" on March 21, 2022 As a supporting organization we are proud to offer our Members and interested firms a discount to participate. USE DISCOUNT CODE: CRYPTO4GDCA for 20% OFF Click HERE to REGISTER (more…)
The Global DCA Accounting & Tax Working Group is pleased to welcome presentation by Global DCA Member Firm Crowe LLP This session will feature a deep dive into the American Institute of CPAs 2022 "Practice Aid Topics on Accounting for Digital Assets." WHEN: Thursday, March 3, 2022 @ 10:00 AM Eastern Time USA / 09:00 AM Central Time PLEASE REGISTER FOR THIS EVENT HERE (more…)
The Global Digital Asset & Cryptocurrency Association welcomes and fully supports the Stablecoin Innovation and Protection Act of 2022 proposed by Congressman Gottheimer. By establishing a regulatory framework for a “qualified stable coin” and a “qualified stable coin issuer,” the proposed legislation fosters responsible innovation while establishing a foundation for public trust and consumer protection for private stable coin offerings. (more…)
February 24, 2022 – The Global DCA is proud to sponsor the NFT India Conference hosted by the Internet and Mobile Association of India (IAMAI) and Global DCA Member Firm RARIO. Numerous Global DCA Member Firm representatives will be taking the stage including from CrossTower, CryptoSavannah and Pink Panda. The IAMAI has always been at the forefront of promoting new digital products and technologies and helping develop a healthy digital asset industry. As the Non Fungible Token (NFT) market rapidly expanded in 2021, discussions about the future of NFT have accelerated. Although the topic of high-priced art transactions and successful auctions have attracted a lot of attention, NFTs are a technology that adds value not only to the final product, but also to the background and history of the production, the connection between fans and artists, and the process of taking on new challenges. India is witnessing the start of a new revolution – join this virtual event to learn more! REGISTER HERE
On Monday February 14th, the Global Digital Asset & Cryptocurrency Association welcomed the opportunity to respond to FinCEN’s request for information to solicit comment on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. The Global DCA applauded FinCEN’s purpose in requesting this feedback from the industry and recommended that FinCEN should use this moment as an opportunity to re-imagine the BSA/AML framework in light of new and emerging technologies. (more…)
We've only scratched the surface of what NFTs, the metaverse, and other emerging technologies will mean for our daily lives. This Conference, the first in a series, brings together some of the industry's experts to make sense of the latest developments in this space. How will the NFT and Metaverse frontier improve our lives? Will Web3 and the Metaverse be a platform for a new innovation economy? Will industry self-regulation work? How will Defi and digital currencies develop in different regions of the world? Are NFT’s an investment class? What's the path to mass uptake - building an open metaverse? Will we all become creators? Who will own what - from personal data to digital brands? What tools and approaches do we need to build out the metaverse? How do we make all of this ‘Green’? Will NFT’s and the Metaverse revolutionize cultural consumption? Building Better World Teaser Video
In recognition of its sincere commitment to the public interest, the Global DCA was proud to speak at and support the Government Blockchain Association “The Future of Money, Governance, & the Law” Conference. Held from All governments need to understand now, more than ever, how blockchain is disrupting current authority systems. As cryptocurrency, DeFi, DAOs, smart contracts, IoT, and AI shift power away from systems of centralization towards decentralization, constructive public / private sector dialogue is critical. This event was designed to educate policymakers, map out trajectories, and offer solutions with potential use cases. Global DCA was represented by Gabriella Kusz, Board Director as well as by Member Firm Ciphertrace Pamela Clegg. Click Here to View Global DCA Presentation
“Given the brevity of time provided for response (30 days) as well as the importance of this issue, we are deeply concerned that the public comments on the Proposed Rule will lack the number, depth and detail necessary for a fair evaluation of the Proposed Rule. Additionally, such a brief timeline hampers smaller and mid-size firms even more as they lack the critical resources to be able to review and determine the impact on their businesses necessary to respond in any meaningful way. Furthermore, we worry that a rush to judgment would negatively impact the overall effectiveness of a final rule and create unintended consequences damaging to the interests of the United States.” – Global DCA. Read Response Letter
“Under the conceptual framework for financial reporting, the fundamental quantitative characteristics that make accounting information useful are relevance and faithful representation. Accounting information is relevant if it can make a difference in a decision. Faithful representation exists when there is an agreement between accounting information and the economic events that the accounting information purports to represent. It is difficult to conclude that the current accounting standards for digital assets fundamentally meet the objective of relevance and faithful representation for this asset class. Fair value accounting through profit and loss supports the accounting conceptual framework because digital assets are sensitive to market risk and experience market volatility. Fair value accounting is also more relevant, provides more useful information for readers and enhances comparability across entities and industries.” – Global DCA. Click to Read Response Letter
“The Committee notes that for cryptoassets that confer direct claims on a pool of traditional assets held in a bankruptcy remote vehicle, a banking institution could set the credit risk exposure of bankruptcy remote assets of the redeemer to zero only if an institution has obtained a legal opinion for all laws relevant to involved parties, including the redeemer, the special purpose vehicle (SPV) and custodian, affirming that relevant courts would recognize underlying assets held in a bankruptcy remote manner as those of the cryptoasset holder. It is difficult to see how a banking institution would be able to meet that burden. It may be more constructive if the Committee were to consider proposing alternative suggestions, that could potentially offer a different standard for credit risk exposure of cryptoassets conferring direct claims on traditional assets held in a bankruptcy remote vehicle.” – Global DCA. Read Response Letter
