The US Federal Accounting Standards Advisory Board (FASAB) issued a statement stating that seized crypto assets should be treated as "non-monetary property". This statement was issued as part of efforts to standardize the accounting and reporting of seized digital assets.
FASAB is responsible for developing and issuing accounting standards for the U.S. government and issued a Technical Bulletin (TB) on Friday to clarify those standards. The bulletin emphasized that cryptocurrencies generally do not have all monetary characteristics and are not effective as a unit of accounting, medium of exchange or store of value.
The bulletin also noted that central bank digital currencies (CBDCs) are considered official digital forms of government-backed money that essentially serve the same purposes as physical cash. Therefore, reporting entities are required to treat CBDCs as monetary instruments.
On the other hand, according to FASAB, all other digital assets such as cryptocurrencies, stablecoins, non-fungible tokens (NFTs), security tokens, and privacy coins should be considered non-monetary property.
The bulletin explains that digital assets other than CBDCs are not considered fiat money and generally do not have the full monetary characteristics. Cryptoassets are not considered an effective means of exchange because they lack the characteristics that give fiat money the power and legitimacy, due to the scarcity of institutions that accept them as a form of payment and because they are not backed by the institutions and legal system of a sovereign nation.
It is also noted that, due to significant market value fluctuations, cryptoassets do not represent a stable store of value necessary to effectively serve as money.
The bulletin recommends that reporting entities determine the market value of seized and foreclosed digital assets using “a publicly observable active market for a particular digital asset.”
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