Adrian Johnson
TLDR:
- KPMG partners with Cryptio to boost accounting and reporting practices for US crypto firms.
- The alliance aims to establish robust controls, assist in adhering to GAAP compliance, and help crypto firms navigate regulatory reporting requirements.
KPMG Partners with Cryptio to Boost Accounting and Reporting Practices for US Crypto Firms
Leading accounting firm KPMG has partnered with Cryptio, a crypto accounting software provider, to assist crypto firms in the United States in adhering to Generally Accepted Accounting Principles (GAAP) compliance. The primary objective of the KPMG-Cryptio strategic alliance is to establish robust controls within cryptocurrency companies, enabling them to effectively account for their crypto assets.
“We understand the importance of robust accounting and reporting practices, the risks with digital assets, and the need to have strong internal controls,” said Brian Consolvo, Principal of Technology Risk at KPMG.
By leveraging Cryptio’s accounting software, crypto-related enterprises and institutions can fulfill their GAAP accounting and reporting obligations in the US. Antoine Scalia, Founder and CEO of Cryptio, claimed the collaboration with KPMG as a cornerstone for the long-term sustainability of the crypto industry. The partnership aims to help enterprises navigate regulatory reporting requirements, audits, and accounting processes with confidence.
Kunal Bhasin, a partner and leader at KPMG Canada’s Digital Assets practice, noted that institutional investors are increasingly drawn to the crypto market. A recent survey conducted by KPMG revealed that nearly 40% of institutional investors reported having direct or indirect exposure to crypto assets in 2023, marking an increase from 31% in KPMG’s 2021 study.
Overall, the partnership between KPMG and Cryptio aims to empower crypto firms to meet accounting and reporting obligations with confidence, especially as the market continues to mature and regulatory frameworks, such as MiCA in the EU, come into play.
