Step-by-step framework for proper accounting and tax treatment of digital assets for financial decision-makers to be unveiled at Money 20/20
Bitwave, the leading provider of digital asset tax and accounting software for enterprises, introduced today at Money 20/20, the industry’s first Digital Asset Maturity Model. This business roadmap will help enterprises minimize risk and maximize opportunities for holding digital assets such as cryptocurrencies and NFTs. The first of its kind, the Digital Asset Maturity Model provides a multi-step framework that allows enterprises of all sizes to properly adopt and account for digital assets on their balance sheet and in their business processes. As widespread adoption of cryptocurrencies grows exponentially, the accurate accounting of digital asset holdings is ever more necessary to keep up with today’s evolving regulatory landscape.
“By simply watching the price of Bitcoin fluctuate in the press, you might not realize that businesses have adopted whole classes of digital assets and are re-wiring their companies to embrace a decentralized future,” said Bitwave Co-Founder and CEO Pat White. “We want to ensure that any business interested in the opportunities unlocked by digital assets has a clear map to success.”
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“Forward-looking financial professionals navigating the next wave of digital disruption must bring cryptocurrencies and digital assets into the enterprise,” said R “Ray” Wang, Founder, Chairman and Principal Analyst of Constellation Research and author of Everybody Wants to Rule the World. “However, existing systems lack the capability to address policy and process revisions, support infrastructure upgrades, and deliver the deftness required to navigate a constantly shifting regulatory landscape. Customers desperately seek a solution and product roadmap that overcomes these challenges and unlocks the digital asset revolution ahead.”
Bitwave’s Digital Asset Maturity Model is designed to help companies assess their current cryptocurrency adeptness, streamline adoption of these new assets, and unlock business value in a four-step framework for action. Derived from Bitwave’s work with over 50 enterprise-level customers and financial leaders, the framework guides decision makers to achieve enterprise digital asset finance success.
Enterprises of all sizes can assess opportunities such as offering their intellectual property as NFTs or implementing streamlined crypto-based payment workflows, all while avoiding potential compliance roadblocks that may occur as new regulations take effect.
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