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How BPM’s Blockchain Group Tackles Crypto Accounting Challenges

08.19.19

Digital coinBlox, an accounting tool for crypto users and investors, recently interviewed BPM Partner Mark Li about the Firm’s Blockchain and Digital Assets Industry Group and the challenges of accounting in the cryptocurrency space.

Here’s a brief introduction to the report:

Understanding the next generation of accounting requires engagement with today’s most debated asset class: cryptocurrencies. While the world awaits regulation and a clear government framework, today’s accountants, bookkeepers, CPAs, and CFOs are on the frontlines establishing law and order for blockchain and crypto projects and for companies in need of specialized crypto accounting and tax services. Blox sought the advice, guidance and experience of leading crypto accounting and bookkeeping experts, who work with blockchain companies, blockchain projects, digital asset investors, and mining operators. Blox asked a series of questions and compiled answers from industry professionals to uncover unique insights about the state of cryptocurrency.

Blox’s primary goals of this report are as follows: Discover the unique challenges of accountants and financial services professionals who work with crypto- and blockchain- related businesses, investors or projects. Understand the technical challenges and limitations facing crypto accountants, bookkeepers and financial professionals and how they use software applications to solve any challenges and complexities. Learn why these professionals entered the world of crypto accounting services, bookkeeping, tax compliance, and how they perceive this new and controversial asset class. To better understand these professionals’ unique perspective and approach to crypto accounting and bookkeeping in the absence of legal regulation and government framework for taxation and compliance. Understand the rising growth and interest in crypto accounting services, solutions, platforms and technologies assisting professionals in the space. Analyze the current status quo from the perspective of investors and businesses on crypto accounting, tax, compliance and cost basis calculations, to better understand the emerging outlook on disclosing and reporting information on assets, transactions and P&L.

Click here to download the report.

Contact Mark Li at 415-677-3328 or mli@bpmcpa.com to find out more information about BPM’s cryptocurrency tax, assurance and advisory services.