- KPMG and Cryptio team up for GAAP compliance.
- Focus on improving accounting for crypto assets.
- Institutional interest in crypto rising.
- 40% of investors to engage with crypto by 2023.
KPMG and Cryptio’s Strategic Partnership
Blockbeat reported, In a significant move to bolster compliance and transparency in the crypto space, KPMG has partnered with Cryptio to assist U.S. crypto firms in achieving Generally Accepted Accounting Principles (GAAP) compliance. This alliance aims to enhance the accounting and reporting practices surrounding crypto assets, a critical need as digital currencies gain mainstream acceptance.
Kunal Bhasin, head of KPMG’s Canadian digital assets, emphasized the importance of this collaboration. He pointed out that the growing interest from institutional investors in cryptocurrencies is driven by economic factors like rising debt and inflation. “We see a significant shift in the financial landscape, with more institutions recognizing the potential and necessity of integrating crypto assets into their portfolios,” Bhasin remarked.
Rising Institutional Interest in Cryptocurrencies
The strategic partnership between KPMG and Cryptio comes at a time when the appetite for crypto investments among institutional investors is noticeably increasing. A recent KPMG survey revealed that 40% of institutional investors anticipate having exposure to crypto assets by 2023, a substantial rise from 31% in 2021. This surge underscores a broader trend of crypto adoption as institutions seek new opportunities to diversify their assets and hedge against economic instability.
As more institutional investors look to enter the crypto market, the need for robust and transparent accounting practices becomes paramount. The partnership with Cryptio enables KPMG to offer comprehensive solutions that ensure compliance with GAAP, fostering greater trust and reliability in the reporting of crypto assets.
By aligning with Cryptio, KPMG not only addresses the current regulatory challenges but also sets a foundation for future growth and innovation in the digital asset space. This collaboration signifies a proactive approach to the evolving financial landscape, ensuring that U.S. crypto firms are well-equipped to meet the demands of institutional investors and regulatory bodies alike.
