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11:12 Aug 30, 2020 |
French to English translations [PRO] Bus/Financial - Accounting / Instruments financiers à terme et jetons détenus | |||||||
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| Selected response from: SafeTex France Local time: 12:50 | ||||||
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Summary of answers provided | ||||
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3 +1 | tokens held |
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Summary of reference entries provided | |||
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Cryptoassets |
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tokens held Explanation: Certainly a reference to the new type of "bitcoins". Probably a DeFi token of some sort (don't ask me what this means) https://cointelegraph.com/news/the-defi-craze-continues-as-exchanges-rush-to-list-popular-tokens https://coinmarketcap.com/defi/ |
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9 hrs peer agreement (net): +1 |
Reference: Cryptoassets Reference information: From the FCA guidance:- "In line with the Taskforce, we have categorised cryptoassets into three types of tokens; • Exchange tokens: these are not issued or backed by any central authority and are intended and designed to be used as a means of exchange. They are, usually, a decentralised tool for buying and selling goods and services without traditional intermediaries. These tokens are usually outside the perimeter. • Security tokens: these are tokens with specific characteristics that mean they meet the definition of a Specified Investment like a share or a debt instrument (described in more detail in Chapter 3) as set out in the RAO, and are within the perimeter. • Utility tokens: these tokens grant holders access to a current or prospective product or service but do not grant holders rights that are the same as those granted by Specified Investments. Although utility tokens are not Specified Investments, they might meet the definition of e-money in certain circumstances (as could other tokens), in which case activities in relation to them may be within the perimeter." Also, from KPMG along with other info on accounting issues regarding tokens:- "In the case of Bitcoin, we believe what has been tokenized is an intangible asset (a specific number of units of Bitcoin), because ownership does not come with any other rights and obligations. In contrast, other cryptoassets, such as tokens or coins in an initial coin offering, may convey specific utility or financial characteristics, such as rights to goods or services or a share of profits of a company or project. In each case, we believe the accounting should follow the rights and obligations conveyed. Issuers and holders of cryptoassets should carefully evaluate the specific characteristics of the asset to determine the appropriate accounting. " -------------------------------------------------- Note added at 10 hrs (2020-08-30 21:49:38 GMT) -------------------------------------------------- Note that in the classification of tokens in French accounting procedures, not all tokens are included in the 'jetons détenus' - (a bit like the piece in the KPMG link) see section 3.3.1 in https://www.melinon-avocat.com/index.php/2019/11/18/comment-... https://www.fca.org.uk/publication/consultation/cp19-03.pdf https://home.kpmg/us/en/home/insights/2018/11/accounting-financial-reporting.html |
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Note to reference poster
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