KPMG has formed a strategic alliance with Cryptio to help crypto firms in the United States comply with Generally Accepted Accounting Principles (GAAP), enhancing their accounting and reporting practices.
KPMG and Cryptio Team Up for Better Crypto Compliance
The renowned accounting firm KPMG has partnered with Cryptio, a crypto accounting software provider, to assist U.S. crypto companies in meeting GAAP compliance.
Enhancing Crypto Asset Accounting
The new KPMG–Cryptio alliance aims to establish effective controls within cryptocurrency firms to improve the accounting of their digital assets.
KPMG’s Support for Crypto Reporting Compliance
Brian Consolvo, Principal of Technology Risk at KPMG, emphasized the importance of streamlining digital asset accounting practices and adhering to U.S. regulatory requirements. He stated:
“We at KPMG understand the critical need for robust accounting and reporting practices, the risks associated with digital assets, and the necessity of strong internal controls.”
Empowering Crypto Enterprises
Through this collaboration, crypto–related businesses and institutions can meet their GAAP accounting and reporting obligations using Cryptio’s accounting software. Antoine Scalia, Founder and CEO of Cryptio, sees this partnership with KPMG as crucial for the long-term sustainability of the crypto industry. He explained:
“Our alliance with KPMG enables enterprises and institutions to confidently navigate the complexities of regulatory reporting requirements, audits, and accounting processes. Together, we are setting the standard for regulated institutions adopting digital assets.”
Summary Review: The partnership between KPMG and Cryptio marks a significant step towards enhancing the accounting and reporting practices of U.S. crypto firms. By ensuring GAAP compliance, this strategic alliance aims to provide robust controls and streamline digital asset accounting. This collaboration not only helps crypto enterprises meet regulatory obligations but also sets a new standard for the industry, fostering long-term sustainability and confidence in the adoption of digital assets.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
