Companies need to weigh a range of strategic and operational considerations that vary depending on whether they offer custodial services or provide a platform for the use of cryptocurrencies or other digital assets. To be adaptable, companies need to be set up to pilot potential new products and service offerings, and be able to pivot based on what they learn from those pilots.
We know what you’re up against. Together we can overcome challenges and empower your success.
Companies in the digital assets space need a clear strategy and regulatory understanding. It’s important they assess their security, audit, accounting and tax functions, as well as their technology systems and processes. It’s not an easy feat, but RSM can help you move forward with confidence.
Strategy and operations
Risk and security
Companies focused on digital assets face the same risks as many other financial services organizations, but to a heightened degree. For companies that have the ethos of a startup, it makes sense that leadership teams might want to focus on getting a product to market first and worry about risks—regulatory, security and otherwise—down the line. But the wiser move is to address those risks on the front end, and establish how those risks differ between digital assets and traditional financial assets.
Regulatory compliance
Companies that deal with digital assets need to balance the importance of speed to market with the fact that regulators are starting to catch up to the constantly evolving realm of cryptocurrency. It is critical for companies to keep pace with regulatory change at the federal, state and global levels.
Back-office implications
While leadership teams at digitally native companies understand their digital assets product offerings and how this space has evolved over the years, such businesses typically operate in a fast-paced environment with limited resources to grow their accounting or other back-office functions as they scale up. Organizations need to understand how various back-office functions are affected by what’s happening on the accounting, finance and regulatory front.
Audit
As the use of digital assets proliferates and regulatory bodies continue to chart new territory, auditing for those assets presents fresh challenges. Many cases involving distributed ledgers and cryptocurrencies require thoughtful examination of basic considerations within a traditional audit framework, while other instances call for new standards and practices.
Tax
As the use of digital assets proliferates and regulatory bodies continue to chart new territory, accounting for those assets presents fresh challenges. The Internal Revenue Service, the American Institute of Certified Public Accountants, the Financial Accounting Standards Board, and other agencies and organizations are at various stages of issuing regulation and guidance on digital assets. Businesses transacting in digital currency should consult an advisor to ensure they understand the tax outcome of conducting or participating in an offering.
We know what you’re up against. Together we can overcome challenges and empower your success.
Companies in the digital assets space need a clear strategy and regulatory understanding. It’s important they assess their security, audit, accounting and tax functions, as well as their technology systems and processes. It’s not an easy feat, but RSM can help you move forward with confidence.
Companies need to weigh a range of strategic and operational considerations that vary depending on whether they offer custodial services or provide a platform for the use of cryptocurrencies or other digital assets. To be adaptable, companies need to be set up to pilot potential new products and service offerings, and be able to pivot based on what they learn from those pilots.
Companies focused on digital assets face the same risks as many other financial services organizations, but to a heightened degree. For companies that have the ethos of a startup, it makes sense that leadership teams might want to focus on getting a product to market first and worry about risks—regulatory, security and otherwise—down the line. But the wiser move is to address those risks on the front end, and establish how those risks differ between digital assets and traditional financial assets.
Companies that deal with digital assets need to balance the importance of speed to market with the fact that regulators are starting to catch up to the constantly evolving realm of cryptocurrency. It is critical for companies to keep pace with regulatory change at the federal, state and global levels.
While leadership teams at digitally native companies understand their digital assets product offerings and how this space has evolved over the years, such businesses typically operate in a fast-paced environment with limited resources to grow their accounting or other back-office functions as they scale up. Organizations need to understand how various back-office functions are affected by what’s happening on the accounting, finance and regulatory front.
As the use of digital assets proliferates and regulatory bodies continue to chart new territory, auditing for those assets presents fresh challenges. Many cases involving distributed ledgers and cryptocurrencies require thoughtful examination of basic considerations within a traditional audit framework, while other instances call for new standards and practices.
As the use of digital assets proliferates and regulatory bodies continue to chart new territory, accounting for those assets presents fresh challenges. The Internal Revenue Service, the American Institute of Certified Public Accountants, the Financial Accounting Standards Board, and other agencies and organizations are at various stages of issuing regulation and guidance on digital assets. Businesses transacting in digital currency should consult an advisor to ensure they understand the tax outcome of conducting or participating in an offering.
Our team has the experience to help you navigate the complex world of digital assets
From adopting digital assets and understanding the regulatory environment to navigating accounting and tax concerns, our team of digital assets professionals is paving the way for your success. Browse these carefully curated videos from our professionals:
Featured digital assets insights
From understanding key digital assets strategies and evolving regulatory guidance to exploring important resources for driving plans forward, we have insights to inform your next move.
Related solutions
Building and executing on a successful digital assets strategy is complex. RSM has the experienced professionals and breadth of solutions you need to help navigate this constantly evolving landscape and move forward quickly, with confidence.
Driving a sustainable digital assets strategy
The digital assets space looks vastly different today than it did just a few years ago. Digitally native companies that hold custody of digital assets or have platforms for the trading of such assets—whether cryptocurrencies such as bitcoin and ethereum, non-fungible tokens, stablecoins, or security tokens—need to be able to adapt their vision and strategy as the landscape changes.
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