Home » June 2024 Insider look into web3 accounting space

June 2024 Insider look into web3 accounting space

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

Cryptoworth Newsletter | June 2024

The U.S. House of Representatives passed legislation to grant primary responsibility for regulating the industry to the CFTC, marking another significant milestone for the blockchain ecosystem, in addition to that the SEC’s recent announcement regarding the upcoming launch of the ETH ETF.

These events highlight the continuous maturation of the space, encouraging more companies to integrate digital assets into their financial transactions. As we witness these pivotal developments, our June edition is packed with updates and insights to keep you abreast of the crypto accounting sphere.

This newsletter is your gateway to understanding how these advancements directly impact crypto accounting practices.

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

Here is a short list of updates:

Stay tuned for more detailed updates and insights in our full June edition.

Product Updates

Month-End Workflow Enhancement

Cryptoworth now offers a centralized view for your team to manage month-end close tasks, enhancing accountability and improving accuracy. With this feature, you can streamline tasks from the unified dashboard, close your books faster, and enhance accuracy by 99% just like SORS did.

This enhancement is designed to help your team work more efficiently, reducing the time and cost associated with financial close processes. Click to learn how Cryptoworth can improve your financial close time and reduce cost.

Expansion of Data Source Connections

We have added the MODE blockchain to our list of supported blockchains and protocols. You can now view our extensive data connections. We proudly support over 300 blockchains, exchanges, custodians, and others, making it the most extensive list available in crypto accounting software.

This update enhances our ability to deliver comprehensive and accurate financial insights, demonstrating our commitment to meeting the dynamic needs of our users. If you need a specific blockchain network, we can include it in 10 days or less.

New Accounting Resources

Building Robust Financial Operations in Web3 – June 5th

Set a reminder for June 5th as Nauman Mustafa, CFO of Celo Foundation, delves into compliance, risk management, and internal controls essential for L1 protocols and Web3.

  • Challenges of financial management with digital assets.
  • Best practices for strong financial operations.
  • Actionable advice for Web3 finance professionals.

Tax Compliance and Accounting Strategies for Digital Assets – June 12th

Set a reminder for June 12th to join Patrick as he shares insights into accounting and tax compliance for digital assets.

  • Challenges of digital asset financial management.
  • Best practices for accounting systems in Web3.
  • Navigating tax and accounting challenges for token launches.

Accounting for DeFi Lending under IFRS,” authored by Chetan Hans

In this article, Chetan Hans, partner at Grant Thornton Singapore, explores the key considerations and accounting implications for DeFi lending under IFRS, highlighting the unique characteristics of blockchain-based financial transactions and the importance of robust valuation methodologies and comprehensive disclosures.

Explore the in-depth analysis here.

Celebrating Our Customers 

During this month, Cryptoworth was honored to shine a spotlight on Yuky Yu, CPA and CoFounder at Soroban Fund Management. 

Under her expert financial guidance, the Soroban team consistently achieves remarkable milestones in digital asset fund administration and transaction management. Yuky’s dedication to compliance, risk management, and innovative accounting systems sets a high standard in the Web3 finance space. 

Join us in acknowledging her achievements, and their teams in this link.

CASE STUDY: How Sors achieved 99.9% Crypto Data Accuracy Boost

This case study details how the Sors Digital Asset team is enhancing financial services through a close-knit strategic partnership with their clients. It demonstrates how they are leveraging Cryptoworth software to streamline financial operations for their web3 customers, supporting their sustainable growth.

The full case study can be accessed here.

Conferences, Talks, and Other Events

Consensus 2024 In-Person Participation

We were thrilled to sponsor Consensus 2024 and engage with finance professionals. The insights gained will enhance our crypto accounting solutions. Look out for highlights from the event soon.

“Getting Audit-Ready in 2024 Bull Market”

Ensure your crypto accounting processes are audit-ready with strategies for compliance and maintaining financial integrity. Speakers: Richard Lance, partner at Harris & Trotter; David Byrd, Partner at EY

  • Foundations of crypto audit.
  • 2024 audit readiness strategies.
  • Maintaining auditable financial records.

Watch it now 🡪

Recording Available: “Practical Insights for Liquid Staking Accounting”

Address the unique challenges of liquid staking accounting, including data inconsistencies and recognizing staking rewards. Speakers: Jozef Vogel, COO at EtherFi; Jason Schwartz, Tax Partner at Fried Frank

  • Data reconciliation issues.
  • Timing and impact of staking rewards.
  • Tax considerations and compliance strategies.

Watch it now 🡪

Policy and Regulation News

US House of Representatives passes a milestone bill for cryptocurrency regulation under the CFTC, out of the hands of the SEC. Read more

After months of pushback, the SEC approved the sale of spot Ether Exchange-Traded Funds (ETFs) in the United States. Read more

Here’s a look back at the conversations on crypto regulation that took place at the CoinDesk Consensus 2024 in Austin, TX

Wrap-Up

The past month has been marked by the launch of our highly anticipated Month-End Workflow Enhancement, which has already proven to significantly streamline financial close processes. Additionally, we released key articles such as “Accounting for DeFi Lending under IFRS” and the comprehensive Sors case study. Meeting accountants and finance professionals in Web3 at Consensus 2024 was a highlight, providing invaluable insights and fostering connections that will propel our solutions forward.

As we move into June, we are committed to expanding our offerings, deepening our insights, and nurturing valuable connections within the crypto accounting community. We appreciate your ongoing support and invite you to join us in advancing the field of crypto accounting.

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.

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