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Deloitte-Bitwave Strategic Alliance Revolutionizes Digital Asset Accounting and Compliance

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Deloitte, a leader in audit and assurance, consulting, tax, and risk and financial advisory services, including more than a decade of experience providing end-to-end blockchain and digital assets services to clients – from traditional enterprises to digital asset-specific companies – and Bitwave, a leading enterprise accounting platform for digital assets, announced a groundbreaking strategic alliance.

The alliance brings together Bitwave’s cutting-edge software platform, which automates the flow of data from more than 70 blockchains and Decentralized Finance (DeFi) ecosystems into ERP systems such as Oracle NetSuite and Sage Intacct, with Deloitte’s innovative accounting, tax and governance, risk and controls advisory services to help deliver speed and process efficiencies, cost savings and compliance enhancements to businesses that utilize digital assets.

The rapid evolution and disruptive nature of the digital asset space has introduced a flurry of new data, risks, regulations, and complex compliance requirements that should be managed. The Deloitte-Bitwave alliance offers clients a suite of symbiotic digital asset offerings to manage these new complexities, including connecting blockchain data to the ERP system to help companies unlock valuable insights in near real-time, accelerating monthly close with automated accounting, and streamlining crypto payments. The alliance also addresses assisting companies with their compliance with accounting principles generally accepted in the United States (U.S. GAAP) and International Financial Reporting Standards (IFRS), mitigating risk and increasing transparency through enhanced processes and controls, considering tax in the transaction flow, and navigating global tax compliance requirements.

“Bitwave’s sub-ledger offering brings a thoughtful approach to supporting the complex nature of digital asset-based transactions. It is a technology that resonates with the early-stage crypto natives as well as mature corporate enterprises, across industries. Our complementary skillsets will bring unique opportunities to collaborate with the Bitwave team as we memorialize this relationship into an official alliance,” said Rob Massey, partner, Deloitte Tax LLP, and global US tax blockchain and digital assets leader.

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“Serving hundreds of customers has taught us an incredible amount about the landscape of digital assets at enterprises. We’ve learned that successfully adopting digital assets is often about more than just the technical offerings that Bitwave brings but a complex dance of process choices, accounting decisions, and implementation queries. Our alliance with Deloitte allows us to leverage their deep professional services, multidisciplinary specialization in finance, tax, and digital transformation to help solve not just technical challenges, but organizational ones as well. Together, we’re not merely navigating this burgeoning space; we’re redefining it. The collaboration with Deloitte’s passionate and skilled team has been a pleasure, and marks a commitment to excellence, efficiency, and addressing compliance. We’re invigorated and inspired to set new benchmarks in the industry,” said Patrick White, co-founder and CEO of Bitwave.

“The significant and meaningful experience we have in the blockchain and digital assets space helps clients address a broad scope of complex business issues ranging from accounting, financial reporting, risks and controls to technology concerns, which allows us to bring a focused, practical, and sustainable approach to our clients. Bitwave’s approach to helping solve clients’ problems is cohesive and very much aligned with us. A leading enterprise accounting technology organization like Bitwave helps enable us to address our clients’ problems comprehensively. This is a true example of one-plus-one being much greater than two, where Deloitte and Bitwave bring significant value to our mutual clients,” said Ashok Parmar, partner, Deloitte & Touche LLP, and Deloitte’s lead alliance partner for Bitwave.

Deloitte’s multidisciplinary team advises companies worldwide on achieving their goals related to blockchain implementation, especially in terms of digital assets—from coins of all kinds to non-fungible tokens (NFTs) to a variety of platforms and processes that support the assets. With more than 10 years of experience, Deloitte’s ecosystem for education, ideation, strategy, prototyping, and development helps clients harness the opportunities and capabilities that blockchain technology has to offer.

Deloitte’s specialization is further highlighted by the numerous practitioners who have completed Bitwave’s implementation certification. This alliance leverages Deloitte’s extensive experience to provide clients with unparalleled insights, enhancing the value they receive from Bitwave’s platform.

To learn more about these organizations, visit Bitwave and Deloitte’s Blockchain & Digital Assets hub.

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Blockchain

Global Fintech Market Size To Worth USD 1009.10 Billion By 2033 | CAGR Of 14.01%

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Blockchain

Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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