If you’ve been feeling the need for a little more support in mastering the tax implications of blockchain and related technologies, you’re not alone. These systems are evolving at an exponential pace, creating a gap between their impacts to the business on one hand, and the expertise of the accounting, tax, and legal professions on the other, according to David Deputy, director of strategic development and emerging markets at Vertex. And “that gap is getting larger and larger,” David noted, “as these technologies continue to advance at a pace that no-one has ever seen.”
David made that point during his opening remarks of the conference introducing the Accounting Blockchain Coalition, an industry association dedicated to bridging that gap. David serves as president of the coalition, whose mission is to “educate businesses and organizations on accounting matters relevant to digital assets and distributed ledger technology, including blockchain.” Launched in April by industry leaders from accounting, law, tax, technology and higher education, the alliance provides guidance on best practices and functions as “a knowledge-sharing platform as organizations address the sweeping changes and resulting opportunities created by the implementation of blockchain technology.” Vertex is a member of the board of directors.
The coalition offers members the opportunity to collaborate with industry peers, share expertise and shape emerging best practices through four working groups:
- Auditing and accounting;
- Internal control;
- Regulatory compliance; and
In addition, the alliance is planning a series of monthly calls; recordings of previous calls are available at the events page.
The Accounting Blockchain Coalition is a timely and valuable resource for tax leaders looking to help their company exploit the business value of distributed ledger technologies. As David has pointed out before on Tax Matters, “if your organization is not already planning a blockchain project, chances are it will be doing so in the not-too-distant future. Tax leaders absolutely should be involved in the early stages of this planning.”
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.