Blockchain
Multimillion-dollar investment in EY Blockchain Analyzer delivers new upgrades for blockchain and cryptocurrency audit and tax services
EY today announced the launch of the second generation of EY Blockchain Analyzer, a blockchain analytics tool, at the annual EY Global Blockchain Summit. The summit convenes more than 200 executives, analysts and EY clients to offer a first-time demo of the full EY blockchain solutions suite and provide a comprehensive view of the state of the technology’s integration across industries.
Over the past two years, EY Blockchain Analyzer has undergone significant developments as part of a multimillion-dollar investment and is expected to be available for use by EY client-serving teams in 2019 across a selection of more than 100 EY Assurance clients that hold or trade cryptocurrencies or operate in the blockchain ecosystem. These developments include the support of multiple new cryptocurrencies on the platform, added functionality relevant to private and public blockchains, and a globally accessible and available platform.
The first generation of the EY Blockchain Analyzer was designed to facilitate EY audit teams in gathering an organization’s entire transaction data from multiple blockchain ledgers, to reconcile that data to EY clients’ books and records and to perform enhanced analytics, including trend analysis and identification of outliers.
Through this major upgrade, a version of this second generation EY Blockchain Analyzer is available for EY teams and non-audit clients as a business application that is accessible anytime and helps enable financial reporting, forensic investigations, transaction monitoring and tax calculations, to support EY teams and clients globally across Advisory, Tax and Transaction Advisory Services.
Paul Brody, EY Global Innovation Leader, Blockchain, says:
“With the second generation of EY Blockchain Analyzer, we are building a true platform solution that can be used for multiple purposes such as audit, tax and transaction monitoring, depending on client needs. From the start, we have had technologists and audit practitioners working together on this platform so we can keep our technology and audit methodology aligned and meet our professional standards.”
The latest version of EY Blockchain Analyzer being showcased at the EY Global Blockchain Summit supports analysis of zero-knowledge proof (ZKP) private transactions on the public Ethereum blockchain, as well as the Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin public blockchains. EY Blockchain Analyzer also supports private Ethereum, Quorum and Hyperledger blockchains.
Felice Persico, EY Global Vice Chair – Assurance, says:
“As technologies continue to evolve, so too does the need to integrate transformative capabilities into our audit tools. The second generation of EY Blockchain Analyzer will provide valuable evidence for audits in various sectors.”
In addition to transaction analysis, the new version of EY Blockchain Analyzer will support tax calculation for crypto-assets. Leveraging the insights and assets acquired with the Andy Crypto-Asset Accounting and Tax (AndyCAAT) tool in 2018 for better visibility into cryptocurrency transactions and inventory, the newest version of this technology can automatically calculate capital gains and losses on transactions in compliance with US tax law.
Kate Barton, EY Global Vice Chair – Tax, says:
“Integrating the prior acquisition of AndyCAAT into the global EY network for tax services exemplifies our commitment to digital innovation in the tax area. We are committed to providing clients with seamless one-stop solutions from transaction monitoring and security to tax calculation. With EY Blockchain Analyzer, we are delivering on that vision.”
EY will gradually expand the geographic coverage for tax calculation globally after the 2019 tax year. EY engagement teams have served more than 100 clients using AndyCAAT to help calculate their taxes this year and, from next year, the tax functionality within EY Blockchain Analyzer will be available to all EY Tax practitioners.
In addition to the second generation of EY Blockchain Analyzer, EY has announced a suite of blockchain solutions and upgrades at the EY Global Blockchain Summit, including the release of the first generation of EY Ops Chain Public Edition into the public domain, as well as the launch of EY Smart Contract Analyzer and the second generation of EY Ops Chain.
SOURCE EY
Blockchain
Ebang International Reports Financial Results for Fiscal Year 2023
Blockchain
FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers
A recent warning from the FBI regarding a crypto money transmitter seems to be aimed at the Samourai Wallet. This development highlights the increasing scrutiny and regulatory challenges faced by privacy-focused cryptocurrency wallets and services.
The FBI warning raises concerns about the use of certain cryptocurrency wallets that prioritize user privacy and anonymity, potentially enabling illicit activities such as money laundering and terrorist financing. While the warning does not explicitly name any specific wallet or service, the language used suggests that the Samourai Wallet may be the target of the advisory.
Samourai Wallet is known for its focus on privacy and security features, including coin mixing and stealth addresses, which aim to enhance user privacy and protect against surveillance and tracking. However, these features have drawn the attention of law enforcement agencies and regulators, who are increasingly concerned about their potential misuse by criminals.
The FBI warning underscores the challenges faced by privacy-focused cryptocurrency wallets in navigating regulatory compliance and law enforcement scrutiny. While these wallets aim to empower users with greater control over their financial privacy, they must also address regulatory requirements and law enforcement concerns to avoid legal and reputational risks.
As the cryptocurrency industry continues to evolve, privacy-focused wallets like Samourai Wallet will need to strike a balance between privacy and compliance, ensuring that they can provide robust privacy features while also addressing regulatory concerns and maintaining transparency with authorities. This delicate balance is essential to foster trust and confidence among users and regulators alike, ultimately enabling the continued growth and adoption of privacy-enhancing technologies in the cryptocurrency space.
Source: cointelegraph.com
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Blockchain
Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets
Pantera Capital is reportedly planning to raise $1 billion for a new fund that offers exposure to various crypto assets, as reported by Blockchain.News. This ambitious fundraising initiative underscores Pantera’s continued confidence in the potential of the cryptocurrency market and its commitment to providing investors with diversified investment opportunities in the digital asset space.
The new fund from Pantera Capital aims to capitalize on the growing demand for exposure to cryptocurrencies and blockchain-based assets among institutional and retail investors. By offering a comprehensive portfolio of crypto assets, the fund seeks to provide investors with access to a wide range of investment opportunities, spanning cryptocurrencies, tokens, and other digital assets.
Pantera’s decision to raise $1 billion for the new fund reflects its optimistic outlook on the long-term growth prospects of the cryptocurrency market. With increasing mainstream adoption and institutional interest in cryptocurrencies, Pantera sees significant potential for value creation and capital appreciation in the digital asset space.
As one of the leading blockchain-focused investment firms, Pantera Capital is well-positioned to attract capital from investors seeking exposure to the cryptocurrency market. The firm’s track record of successful investments and its experienced team of investment professionals are likely to bolster investor confidence and support for the new fund.
Pantera Capital’s plans to raise $1 billion for its new fund underscore its commitment to driving innovation and growth in the cryptocurrency market. As the fund attracts capital and deploys it into promising investment opportunities, it is poised to play a key role in shaping the future of the digital asset ecosystem.
Source: blockchain.news
The post Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets appeared first on HIPTHER Alerts.
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