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Summer is here with Cryptoworth Newsletter

With exciting new features, our July edition is filled with substantial updates and insights, keeping you at the forefront of the crypto accounting landscape.

Cryptoworth Newsletter | July 2024

Cryptoworth is proud to announce several new features and updates designed to enhance your crypto accounting experience. Our commitment to innovation and excellence continues to drive us forward, ensuring you stay informed and equipped with the best tools and resources in the industry.

Subscribe today to the newsletter, so you never miss our latest news and updates about crypto accounting.

Here is a short list of updates:

Read along for more detailed updates and insights in our full July edition.

Product Updates

Solana DeFi Support:

Cryptoworth now supports Solana DeFi, including tracking and auto-classification of Liquid Pool positions with ERC20 tokens and ERC721 NFT tokens, as well as integration with lending and borrowing protocols, and more. This enhancement ensures a higher level of accuracy for organizations transacting and holding positions in the Solana ecosystem.

Solana joins our already comprehensive list of supported networks with full DeFi protocols data tracking capabilities:

New Blockchain Networks and Exchange Integrations:

We have expanded our network support to include Rootstock, Immutable X (EVM), Manta (EVM), Telos (EVM), and Flux. Additionally, we now support centralized exchanges Bitmart and Coinmetro. These additions further improve the completeness and reliability of financial data, enhancing the accuracy of your financial reports.

Top Crypto Tools and Financial Services Guide:

Explore a comprehensive guide for web3 CFOs, featuring a wide range of crypto financial tools, apps, and services across categories such as security, accounting partners, payments, payroll, analytics, corporate cards, banks, custody, general ledger software, wallets, and staking. Check out the guide here.

New Accounting Resources

Perspectives on Stablecoin Accounting and Regulatory Integration:

Set a reminder for July 11th for an insightful panel discussion on the use of stablecoins in payroll and global payments. This conversation will delve into the accounting and reporting challenges posed by stablecoins, the impact of emerging regulations, and the future trends in stablecoin adoption and tokenized assets. 

– Speakers: Dr. Sean Stein Smith, CPA (Associate Professor, Lehman College), Nami Baral (CEO, Niural), Atikh Bana (CEO, Acctual)

Cryptocurrency Practice Management for Accounting Firms:

Set a reminder for July 23rd to join a discussion that will focus on essential strategies for managing cryptocurrency practices within accounting firms. Topics will include handling DeFi loans and their implications for financial statements, NFT taxation, the impact of emerging AI technologies on crypto accounting practices, and strategies for ensuring audit readiness in decentralized finance.

– Speakers: Andrea Perlak (Founder and CEO, Crypto Accounting Group), Jamie Nuttall (Head of Crypto Tax, Myna), Cameron Browne, CPA, CA (Partner, Darien Advisors), Chris Gaetano (Tech Editor, Accounting Today).

Top 10 Factors to Consider When Choosing Cryptocurrency Accounting Tools:

Choosing the right accounting software for cryptocurrency is vital for maintaining financial accuracy and compliance. From Automation of Data Collection to the software Security certifications. Everything you need to know about How to Choose Accounting Software in this article.

Conferences, Talks, and Other Events

Meet Us in Nashville:

Our team will be in Nashville for Bitcoin 2024 from July 25-27th. Send us a DM to set up a meeting or just to connect. Learn more about Bitcoin 2024 here.

1:1 Conversation Series with Web3 Finance Professionals

We are hosting a series of 1:1 conversations with leading web3 finance professionals, sharing their insights and expertise. Currently, available discussions include:

If you would like to be included in our 1:1 conversation series’s next round, please message us.

Policy and Regulation News

This summary provides a concise overview of the most relevant news in June for CFOs, accountants, and finance professionals in the crypto finance sector.

  • Upcoming Crypto Regulatory Events.
    Key events likely to influence crypto markets next week include the implementation of Ether ETFs, and MiCA regulations. These developments could impact market dynamics significantly. Read more on Invezz
  • Europe’s MiCA Regulation Takes Effect and Stablecoin Regime
    The Markets in Crypto-Assets (MiCA) regulation has come into effect, providing a comprehensive regulatory framework for digital assets across the Eurozone. MiCA’s stablecoin regime requires issuers to obtain licenses for offering or trading asset-referenced tokens or e-money tokens. This aims to harmonize the EU’s crypto regulatory landscape, promoting transparency and investor protection.  Read more on CoinJournal, Chainalysis
  • US Treasury Finalizes New Crypto Tax Reporting Rules.
    The U.S. Treasury has finalized new tax reporting rules for cryptocurrencies, requiring brokers to report transaction data to the IRS. These rules aim to enhance tax compliance and reduce evasion in the crypto space, closing the tax gap and ensuring proper taxation of digital assets. Read more on Reuters
  • Coinbase Sues SEC and FDIC; SEC Drops Ethereum 2.0 Investigation.
    Coinbase has filed lawsuits against the SEC and FDIC, challenging recent regulatory actions perceived as stifling innovation. Meanwhile, the SEC has closed its investigation into Ethereum 2.0, a significant win for the crypto industry, boosting market confidence and hinting at a potentially softer regulatory stance.  Read more on TheStreet Crypto
  • Vitalik Buterin on US Crypto Regulation
    Ethereum co-founder Vitalik Buterin criticized the current US regulatory framework for crypto, highlighting its inconsistencies and the need for clearer, more supportive regulations to foster innovation and growth. Read more on CoinGape

Wrap-Up

The past month has been marked by significant updates, including the launch of Solana DeFi support and the expansion of our network integrations. We also released a comprehensive guide for web3 finance professionals and celebrated key insights from our customers. We’re thrilled to meet more accountants and finance professionals in Web3 at Nashville, send us a message to connect.

For any inquiries or to stay updated, feel free to reach out to our team.→

Subscribe today to ensure you never miss the latest news and updates in the world of crypto accounting.

Author

Cryptoworth

Cryptoworth, a leading crypto accounting software that helps web3 accountants speed up month-end closing.

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