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Author: Wei Xiang

  • [SoDA] Bridging GAAP: A New Standard for Reporting On-Chain Assets

    [SoDA] Bridging GAAP: A New Standard for Reporting On-Chain Assets

    Wei Xiang

    The ultimate goal of SoDA is to provide a lasting and transparent bridge between accurate GAAP reporting of digital assets and the details from multiple wallets, centralized exchanges, and other cryptographically-based ownership and/or custody arrangements. The first use case was delivering a full liquidity picture for managers of and investors in growth stage businesses with… Read more

  • [LDU] Navigating Web3: A Legal Handbook for Innovators

    [LDU] Navigating Web3: A Legal Handbook for Innovators

    Wei Xiang

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    The goal of this eBook is to equip Web3 innovators, startups, and entrepreneurs with practical legal guidance specific to decentralized ecosystems. We aim to help you understand the key regulatory frameworks, avoid common legal pitfalls, and make informed decisions about compliance, fundraising, and offshore structuring. Regulations such as AML (Anti-Money Laundering) and KYC (Know Your… Read more

  • SCA and VARA set regulatory framework for the UAE’s virtual assets sector

    SCA and VARA set regulatory framework for the UAE’s virtual assets sector

    Wei Xiang

    The Securities and Commodities Authority (SCA) signed a cooperation agreement with Dubai’s Virtual Assets Regulatory Authority (VARA) to bolster the UAE’s position as a leading global hub for virtual assets, in alignment with the ‘The Principles of the 50’ and the government’s visionary aspirations to build the world’s best and most dynamic economy. “We strive… Read more

  • [ISCA] Critical Role Of Crypto Subledger

    [ISCA] Critical Role Of Crypto Subledger

    Wei Xiang

    A crypto subledger is an essential component of the accounting system.Maintaining crypto records on a spreadsheet is highly error-prone and mentally taxing, particularly regarding cost basis and valuation.A crypto subledger significantly reduces the risk of human error and streamlines the accounting process, despite being slightly more costly. Crypto subledger checklist: Read more

  • [cryptoworth] Is Revenue Gross or Net in Crypto Financial Statements?

    [cryptoworth] Is Revenue Gross or Net in Crypto Financial Statements?

    Wei Xiang

    VASPs face a critical decision: should revenue be recognized on a gross or net basis? This hinges on whether they act as principals or agents, following IFRS 15 guidelines. Accurate revenue reporting ensures compliance and reflects financial performance. Paypal Holdings is a payment service provider, listed as an entity in the United States. According to PayPal’s… Read more

  • Safeheron Partner Jag Foo // Web3 Accountant Radio Ep8 Transcript

    Wei Xiang

    Safeheron Partner Jag Foo // Web3 Accountant Radio Ep8 Transcript Jag Foo is the partner of Safeheron, an Institutional-Grade Self-Custodial Solution for Digital Assets. Safeheron is a leading provider of digital asset self-custody solutions for institutional clients. Our platform utilizes secure multi-party computation (MPC) and trusted execution environment (TEE) technologies to offer a comprehensive and… Read more

  • [BANQUE DE FRANCE] PROJECT VENUS

    [BANQUE DE FRANCE] PROJECT VENUS

    Wei Xiang

    The Venus project is the first successful tokenized bond initiative by the European Investment Bank (EIB) issued using private Distributed Ledger Technology (DLT) and listed on a securities exchange. It utilizes wholesale Central Bank Digital Currency (wCBDC) for settlement. This project demonstrates the potential of wCBDC and DLT in enhancing access, security, and efficiency in… Read more

  • [elven] Deep Dive into Dubai VARA License

    [elven] Deep Dive into Dubai VARA License

    Wei Xiang

    VARA License: The Dubai Virtual Assets Regulatory Authority (VARA) has established moderate and transparent compliance regulations for Virtual Asset Service Providers (VASPs) under Dubai VA Law (Law No. 4 of 2022). As of now, 13 VASPs have obtained licenses, and another 8 are in the application process. Disclosure Requirements: In terms of record-keeping and compliance… Read more

  • [elven] Deep Dive into Hong Kong SFO / AMLO License

    [elven] Deep Dive into Hong Kong SFO / AMLO License

    Wei Xiang

    SFO/AMLO Licenses: The Hong Kong Securities and Futures Commission (SFC) has established strict and transparent compliance regulations for Virtual Asset Trading Platforms (VATPs). The licenses under the Securities and Futures Ordinance (Cap. 571) (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO) are highly applicable to VATPs. Currently, two virtual asset trading… Read more

  • [cryptoworth] The State of crypto back-office 2024

    [cryptoworth] The State of crypto back-office 2024

    Wei Xiang

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