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Highlights From Federal Bank Regulators’ Joint Statement on Cryptocurrency Assets

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Recognizing that regulated and non-regulated financial institutions seek to engage in cryptocurrency and crypto asset activities, the three largest federal bank regulators, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, recently issued a joint statement on crypto assets.

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EY Debuts Corporate Crypto Accounting, Tax Solution

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Corporate accounting and consultancy firm Ernst & Young is rolling out a new accounting solution designed to help businesses manage their crypto assets. EY announced in a press release this week that its new crypto accounting tool targets the tax preparation process.

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Libra Forces Cryptocurrency Regulators To Reexamine Procedures

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Facebook’s Libra project has renewed focus on how cryptocurrencies are regulated, with current rules on the sector patchy and varying from country to country. Cloud-based KYC activities were among the new technologies most used by U.S. Smaller companies were less likely to report investing in and using AML technologies.

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Why Timing Is Everything On Tax Day

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Tax Day for Americans is here, or at least it will be on Tuesday, April 17. This year is a bit of an unusual year as far as taxes are concerned, since April 15 actually falls on a Sunday. Back then, taxes weren’t due on April 15. Tax season used to be a month and a half shorter.

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Nigerian Presidential Hopeful Wants Blockchain And Crypto To Help Economy

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Atiku Abubakar, a 2019 presidential candidate in Nigeria, said he will support cryptocurrency and blockchain if he becomes the country’s next leader, according to the Daily Post. Abubakar, who is a former vice president, plans to use cryptocurrency to help speed up the economy in the country. “In

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New Zealand Paves Way For Crypto Payroll

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New Zealand will now allow employers to compensate their workers in cryptocurrency, reports in Blockchain News said Tuesday (Aug. New Zealand tax authorities published a ruling this month that includes guidance for employers that wish to pay their staff in cryptocurrency.

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California CPAs Call For Crypto Accounting Clarity

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Certified Professional Accountants (CPAs) in California are calling on an industry watchdog to clarify standards for cryptocurrency accounting, with expectations that corporations will increase their use of cryptocurrencies moving forward. GAAP,” the letter stated.