Nasdaq-listed cryptocurrency exchange Coinbase has revealed that it will offer spot cryptocurrency trading services on its global platform to institutional investors outside the United States.

The U.S.-based Financial Accounting Standards Board (FASB) recently announced a significant update to accounting standards, allowing companies like MicroStrategy (MSTR) to reflect the real-time value of their crypto holdings, a method known as "fair value" accounting.

Turkey is actively preparing to roll out new cryptocurrency legislation, sparking curiosity about its potential impact on the sector, at a time in which two of Turkey’s largest banking groups unveiled crypto initiatives.

Top stories in the Crypto Roundup today:

• Coinbase Launches Spot Crypto Trading for Non-US Institutions
• FASB Updates Accounting Standards for Crypto Assets
• Turkey’s Crypto Sector Awaits New Legislation as Banks Join the Fray
• Ethereum Leads the Pack in CCData’s ESG Benchmark

Coinbase Launches Spot Crypto Trading for Non-US Institutions

Nasdaq-listed cryptocurrency exchange Coinbase has revealed that it will offer spot cryptocurrency trading services on its global platform to institutional investors outside the United States.

According to the exchange, institutional investors outside the country will be able to trade BTC and ETH against the USDC stablecoin, with the services set to launch today before expanding to include retail investors and additional tokens.

The move comes at a time in which Coinbase is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), which alleges the firm operates as an unregistered securities exchange, broker, and clearing agency.

In May, Coinbase opened its International Exchange, which allows institutional investors to trade BTC and ETH perpetual futures. The exchange said in September that it would also make these services available to retail traders.

FASB Updates Accounting Standards for Crypto Assets

The U.S.-based Financial Accounting Standards Board (FASB) recently announced a significant update to accounting standards, allowing companies like MicroStrategy (MSTR) to reflect the real-time value of their crypto holdings, a method known as "fair value" accounting.

This update marks a departure from the old rule that forced companies to record a loss if their crypto's market value dropped below its purchase price, even if they hadn't sold it.

Now, companies must provide detailed reports showing the fair value, original cost, and types of crypto assets they own. This change aims to offer more transparent and relevant financial information to investors and other stakeholders.

The decision to revise the guidelines followed extensive input from stakeholders, including nearly 500 responses to FASB's 2021 Invitation to Comment, stressing the need for better accounting and disclosure practices for digital assets.

For the last few months, FASB has been revising the accounting standards for crypto assets, and it announced in September that it would implement new rules.

Turkey’s Crypto Sector Awaits New Legislation as Banks Join the Fray

Turkey is actively preparing to roll out new cryptocurrency legislation, sparking curiosity about its potential impact on the sector, at a time in which two of Turkey’s largest banking groups unveiled crypto initiatives.

Akbank's investment division recently acquired Stablex, a local cryptocurrency firm, while a senior executive from Ak Investment expressed their ambition to become a significant force in the digital asset arena.

Another prominent local bank, Garanti BBVA, recently introduced its own crypto wallet app with cold wallet functionality, enabling users to manage and transfer popular cryptocurrencies such as Bitcoin, USDC, and Ether securely.

The Turkish government has maintained a cautious stance towards the unregulated use of cryptocurrencies. In 2021, the central bank banned crypto for payments, although it stopped short of implementing a complete prohibition on digital assets.

Ethereum Leads the Pack in CCData’s ESG Benchmark

CCData’s latest ESG Benchmark shows that Ethereum has maintained the top spot among digital assets, followed by Solana and Polkadot, with each of these assets showing modest improvements overall.

State of the Crypto by Top Tier Exchange Volume

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