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In the absence of formal guidance, accounting for tok ens is based on the rights and obligations attached to them. However, ifrs interpretations committee (ifric) met in june 2019 and discussed that and issued their decision, so at least we have some official guidance for a part of the problem. Cryptocurrency trading in singapore remains small compared to shares and bonds, with the combined peak daily trading volumes of bitcoin, ethereum and xrp accounting for 2% of the average daily trading volume of securities on the.
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Singapore is the leading global cryptocurrency hub, and according to the world bank the easiest place in the world to do business. As of 2021, there are more than 230 blockchain native organizations based in the country. Like accounting, cryptocurrency uses a sort of ledger electronically. However, ifrs interpretations committee (ifric) met in june 2019 and discussed that and issued their decision, so at least we have some official guidance for a part of the problem. Perhaps, most notable is the fact that the australian accounting standards board (aasb) has submitted a discussion paper
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