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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
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
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Source: RSM Canada
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