Navigating the complexities of crypto accounting is crucial for any institution operating in digital assets, including exchanges, funds and businesses accepting crypto as a means of payment for launching a Web3 initiative. Proper crypto accounting not only ensures compliance and prevents painful consequences but also instills confidence in stakeholders and investors. FASB is in the process of updating crypto asset accounting. This proposed update represents a significant change in accounting for crypto assets and is a big step in the right direction. With the proper tools and knowledge, businesses can operationalize their crypto accounting systems in the most effective way possible.