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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
  • 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

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Source: RSM Canada
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