Your Business News
Driving a sustainable digital assets strategy
May 1, 2023
Authored by RSM Canada LLP
Joel A. Humphrey, CPA, CA shared this article
ARTICLE | May 01, 2023
The digital assets space looks vastly different today than it did just a few years ago – and digitally native companies that custody digital assets or have platforms for trading need to be able to adapt their vision and strategy as the landscape changes.
Along with a clear strategy and a comprehensive regulatory understanding, companies in the digital asset space need to assess what the shifting landscape means for their security, audit and accounting, and tax functions, as well as their technology systems and processes.
Operation and strategy:
Be ready to pivot
- Culture of innovation
- Operational flows and controls
- Back-office integration
- Infrastructure preparedness
Risk and security: Addressing risk from the beginning
- Security risk
- Third party risk
- Regulatory risk
Regulatory and compliance: Have the right strategy from day one
- Evolving federal and state rules
- AML and KYC
- Insurance
Audit and tax: Layers of complexity
- Reliability and relevance of the ledger
- Rights and custody
- Off-chain support
- Measurement basis of digital assets
- Revenue accounting
- Tax implications
Back-office implications and solutions
- Understanding requirements
- Establishing technical accounting policies
- Staying up to date on new guidance
- Suitable technology and systems
"The question is, how do you build despite regulatory uncertainty and have the agility to adapt to constantly changing regulations?"
Jay Schulman, Blockchain and Digital Assets Practice Leader, RSM US LLP
Take the next steps to drive a sustainable digital assets strategy
Let's Talk!
Call us at 1 855 363 3526 or fill out the form below and we'll contact you to discuss your specific situation.
Source: RSM Canada
Used with permission as a member of RSM Canada Alliance
https://rsmcanada.com/insights/industries/financial-services/driving-a-sustainable-digital-assets-strategy.html
RSM Canada Alliance provides its members with access to resources of RSM Canada Operations ULC, RSM Canada LLP and certain of their affiliates (“RSM Canada”). RSM Canada Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each are separate and independent from RSM Canada. RSM Canada LLP is the Canadian member firm of RSM International, a global network of independent audit, tax and consulting firms. Members of RSM Canada Alliance have access to RSM International resources through RSM Canada but are not member firms of RSM International. Visit rsmcanada.com/aboutus for more information regarding RSM Canada and RSM International. The RSM trademark is used under license by RSM Canada. RSM Canada Alliance products and services are proprietary to RSM Canada.
FCR a proud member of RSM Canada Alliance, a premier affiliation of independent accounting and consulting firms across North America. RSM Canada Alliance provides our firm with access to resources of RSM, the leading provider of audit, tax and consulting services focused on the middle market. RSM Canada LLP is a licensed CPA firm and the Canadian member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM Canada Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources.
For more information on how FCR can assist you, please call us at 1 855 363 3526
