The post KPMG in support of crypto companies appeared on BitcoinEthereumNews.com.

The growth of the crypto sector has brought with it significant challenges, particularly regarding regulatory compliance and financial reporting: to address these challenges, KPMG has formed a strategic alliance with Cryptio, a cryptocurrency accounting software company.  This collaboration aims to support cryptocurrency companies in the United States in adhering to generally accepted accounting principles (GAAP). The strategic alliance between KPMG and Cryptio Cryptocurrencies represent a new class of assets with unique characteristics, which differ significantly from traditional financial instruments. Their decentralized nature, the anonymity of transactions, and market volatility are just some of the complexities that companies must face.  These factors significantly complicate accounting management and financial reporting, making it difficult for cryptocurrency companies to comply with traditional regulations. Compliance with GAAP is essential for any company that wishes to operate in a transparent and reliable manner, and this is particularly true for companies dealing with cryptocurrencies.  The GAAP standards ensure that financial information is represented accurately and consistently, thus facilitating investor trust and market stability. However, adapting these regulations to the context of cryptocurrencies requires specialized skills and adequate tools. KPMG, one of the four major accounting firms in the world, is well aware of the challenges that the cryptocurrency sector must face. Its alliance with Cryptio represents a significant step towards solving these issues. Cryptio is known for its advanced accounting and reporting platform for cryptocurrencies, designed to handle the complexity and scale of operations in this sector. The collaboration between KPMG and Cryptio combines KPMG’s expertise in consulting and auditing with Cryptio’s advanced technology. Together, they will provide cryptocurrency companies with the necessary tools to improve their accounting practices and adhere to GAAP standards. This includes the automation of data collection, integration with major blockchains, and the generation of accurate and compliant financial reports. The benefits for…

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Filed under: News - @ July 19, 2024 11:14 pm