KPMG Partners with Cryptio to Boost Accounting and Reporting Practices for US Crypto Firms

cryptonews.com:

Leading accounting firm KPMG has partnered with Cryptio, a crypto accounting software provider, to assist crypto firms in the United States in adhering to Generally Accepted Accounting Principles (GAAP) compliance.

The primary objective of the KPMG-Cryptio strategic alliance is to establish robust controls within cryptocurrency companies, enabling them to effectively account for their crypto assets, the firm said in a recent blog post.

“We understand the importance of robust accounting and reporting practices, the risks with digital assets, and the need to have strong internal controls,” Brian Consolvo, Principal of Technology Risk at KPMG, said.

Cryptio has struck a strategic alliance with @KPMG_US. This strategic alliance aims to empower companies to meet US GAAP #accounting and reporting obligations with confidence.

With Cryptio's cutting-edge technology and KPMG's deep industry expertise, enterprises can now navigate… pic.twitter.com/e6UfIQLAwz

— Cryptio (@cryptio_co) July 19, 2024

By leveraging Cryptio’s accounting software, crypto-related enterprises and institutions can fulfill their GAAP accounting and reporting obligations in the US.

Antoine Scalia, Founder and CEO of Cryptio, claimed the collaboration with KPMG as a cornerstone for the long-term sustainability of the crypto industry.

Scalia explained that their partnership empowers enterprises and institutions to navigate the complexities of regulatory reporting requirements, audits, and accounting processes with confidence.

“Together, we are setting the standard for regulated institutions who are adopting digital assets.”

Kunal Bhasin, a partner and leader at KPMG Canada’s Digital Assets practice, noted that institutional investors are increasingly drawn to the crypto