By Antoine Scalia, Co-founder and CEO, Cryptio
There is a lot going on in the crypto ecosystem, as the community strives towards widespread adoption. As more and more institutional capital and smart talent pours in, we are seeing progress at breakneck speed. There have been important changes such as Lightning Network to improve scalability of bitcoin, and the upcoming shift to proof of stake (PoS) consensus protocol for ethereum. New projects and startups with novel use cases such as DeFi (decentralised finance) are propping up every other day
around the world. From payments, stablecoins and lending to gaming, DAOs and collectibles, we are seeing a wide range of applications for digital assets. Multiple national governments, central banks and traditional private organizations such as Facebook and JPMorgan are all getting in on the act, albeit cautiously. There is undoubtedly a lot of excitement in the crypto space.
However, all this disruptive change at such a fast pace creates new challenges. Tax authorities and regulatory bodies need to be proactive and adapt to the changing times. We need clearer taxation policies, new accounting standards, improved Anti-Money Laundering practices (AML) etc. Moreover, traditional financial, accounting, and tax reporting tools also need to adapt to the new demands and changing regulations. Thus, the crypto ecosystem needs support from outside services on issues such as taxation, accounting and financial reporting. This cannot happen unless there is constant dialogue between the crypto ecosystem and these service providers.
To that end, Cryptio and ConsenSys are conducting a survey to better understand the pain points and requirements of the crypto and blockchain community. For example, more and more companies are using DeFi protocols. Computing interests earned on this protocol or just reconciling decentralized exchanges trades are new pain points.
The insights gained from this survey will help build better accounting and tax reporting tools for new crypto use cases. By taking away the headache of compliance and accounting, we want to empower the ecosystem to focus on innovation and adoption.
If you have five minutes to contribute your views and help the community, we urge you to complete the survey below. We would also share the major insights and results from this survey very soon. Respondents leaving an email will receive the full results at the conclusion of the survey. Contribute to the community. The survey can be found here: https://www.surveymonkey.com/r/2HXLCQY
Cryptio is a professional bookkeeping service for crypto assets. It actively monitors on chain and off-chain transactions and provides accounting and audit ready reports. https://cryptio.co/