As more institutions start holding digital assets, governments around the world are redefining the way that these assets are accounted for. The Central Bank of Brazil is ready to issue a public consultation on a regulatory draft that updates the treatment of these assets from an accounting standpoint, depending on their origins.
The proposed ruleset differentiates the accounting treatment of these assets depending on several factors. If the assets were acquired or received, the assets will have to be recognized at the price paid, and there will be updates to these numbers based on the fair value of the assets in the markets.
Regarding these assets, the draft states:
After initial recognition, virtual assets acquired or received must be measured at fair value, at least monthly, computing the appreciation or depreciation against the appropriate revenue or expense account, in the result of the period.
These rules would apply to assets received as reward for providing validation services – staking- and also for assets received as reward -airdrops.
There is a different treatment for digital assets issued by financial institutions, which depends on the specifics of the asset itself. If the assets are designed to deliver some kind of rewards, they will be considered as liabilities and subject to the rules concerning financial instruments.
Finally, if the institution provides custody services, the assets must be recorded at their fair value with a monthly reevaluation of their fair value.
The consultation is set to start on August 24, and the rules will be changed before being adapted according to the feedback received. This year, the bank also conducted an open consultation process regarding the regulation of Virtual Assets Service Providers (VASPs) and stablecoins.
Read more: Central Bank of Brazil Opens Public Consultation on Virtual Assets Service Provider Rulemaking
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