Crypto Accounting Expert Series - blox.io · Crypto Accounting Expert Series When seeking to...

Crypto Accounting Expert Series

INSIGHTS REPORT 2019

Table of Contentspg02


Insight Discoveries List of Sources

Introduction04

Insight Statistics18

Key Goals of Report05

Expert Responses21

About Blox62

List of Resources55

Unique Insights Discovery06

Expert Responses Listpg03


Insight Discoveries Expert Responses

Aprio Advisors / Jagruti Solanki

Armanino / Jeremy Nau

Friedman, LLP / Steven Baum

JFDI Accountants / Amir Marmar

BPM Accounting / Mark Li

Cohen & Company LTD /

Michelle Chopper & Will

Coleman

Crypto Tax Advisors, LLC /

Sharon Yip

Blockchain Tax Partners / Nick

Cerasuolo

Pythagus / Rebecca Samuels

JAG CPAs and Co. / Shehan

Chandrasekera

Virtual Tax, Inc. / Wendy Coggins

Camuso CPA / Patrick Camuso

Online Taxman / Vincenzo

Villamena

Harp Law / Hadi Harp

Founder’s CPA / Curt Mastio

TaxProEZ / Gary J. LaRoy

Azran Financial / Joshua V. Azran

22 38

24 40

26

28 41

29 43

31 45

47

33 50

52

36 54

Understanding the next generation of accounting requires engagement with today’s most debated asset class: cryptocurrencies. While the world awaits regulation and a clear government framework, today’s accountants, bookkeepers, CPAs, and CFOs are on the frontlines establishing law and order for blockchain and crypto projects and for companies in need of specialized crypto accounting and tax services.

Blox sought the advice, guidance and experience of leading crypto accounting and bookkeeping experts, who work with blockchain companies, blockchain projects, digital asset investors, and mining operators. We asked a series of questions and compiled answers from industry professionals to uncover unique insights about the state of cryptocurrency.

Introductionpg04



Key Goals of Reportpg05


Our primary goals of this report are as follows:

Discover the unique challenges of accountants and financial services professionals who work with crypto- and blockchain- related businesses, investors or projects.

Understand the technical challenges and limitations facing crypto accountants, bookkeepers and financial professionals and how they use software applications to solve any challenges and complexities.

Learn why these professionals entered the world of crypto accounting services, bookkeeping, tax compliance, and how they perceive this new and controversial asset class.

To better understand these professionals’ unique perspective and approach to crypto accounting and bookkeeping in the absence of legal regulation and government framework for taxation and compliance.

Understand the rising growth and interest in crypto accounting services, solutions, platforms and technologies assisting professionals in the space.

Analyze the current status quo from the perspective of investors and businesses on crypto accounting, tax, compliance and cost basis calculations, to better understand the emerging outlook on disclosing and reporting information on assets, transactions and P&L.

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The key focus of this report is to identify unique insights submitted by crypto accounting and tax professionals, including certified CPAs, bookkeepers, accounting firms, and other industry professionals.


Unique Insights Discovery

List of Resources

pg06


When seeking to discover why respondents entered this niche sector, there were three dominant responses:

• Discovered a need from existing traditional clients, associates or colleagues• Naturally interested in blockchain and cryptocurrencies• Noticed an opportunity after the Bitcoin 2017 global crypto hype

The experts in this series are all certified professionals in their respective fields.

Introduction

Question 1: What was your journey into cryptocurrency like? What initially caught your attention and why?

“A friend of mine introduced me to cryptocurrency in 2017.Out of curiosity, I decided to give it a try. I ended up getting"hooked" pretty quickly, as I was fascinated by theinvestment potential and use of cryptocurrency as well as thebrilliant design of blockchain technology. I became a cryptoenthusiast since then.”

- Sharon Yip of Crypto Tax Advisors.

Additionally, 97% of surveyed professionals noticed a major gap in guidance and CPA support for crypto tax1, tax-prep and compliance. The disruptive nature of blockchain technology meant there was an opportunity for these professionals to lead the charge in the new realm of accounting for digital assets.

When we analyzed responses from experts, we learned that many were introduced to the world of crypto accounting through personal or professional connections and associations. These experts discovered a need early and pivoted to respond to the demand of crypto companies and individuals in need of solutions from certified accounting & tax professionals.

1 https://docs.google.com/document/d/1yBTzRn_L-LMop2-2jITIEOK_HCsWSBkKESfjqrNliy4/edit

Started in 2017

Noticed a major gap in guidance and CPA support for crypto tax, tax-prep and compliance.

97%

“The decision for BPM LLP to be an early pioneer in the blockchain and digital assets space was rather simple. We saw the opportunities in blockchain technology that can change how we do things today, how companies operate, and how transactions are processed.”

- Mark Li of BPM Accounting

Unique Insights Discoverypg07



While these experts have only been in this niche field for a few years, most have been tax professionals for over a decade.

It is important for these professionals and their firms to distinguish their particular crypto accounting offerings, as competition continues to rise. Almost all respondents offer similar services, but some have a unique focus. 89% of these crypto accountants and tax professionals service investors, businesses, projects, startups, and mining operations.

Question 2: When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?

List of ResourcesIntroduction

Business verticals in need of services include:

What type of services are needed by these companies?

84% of respondents indicated that the services they most often provide are: calculating cost-basis, reconciling transactions and reporting tax returns . Other business needs include providing confidential reviews for clients and reconciling their crypto-related transactions or activity.

These services are in the most demand because only in the last year have crypto holders, high-net worth investors and professionals decided to make more of a proactive effort to tackle their crypto accounting and tax concerns.

A report from Meticulous Researchers claims that by 2025, the global crypto market will reach $28 billion. As more regulation begins to enter the world of crypto2, more companies will enter the scene, and demand for service will sharply rise.

As the story of crypto continues, and the regulatory dust settles, the world of cryptocurrency will undoubtedly reach new heights.

• High-net worth investors• Crypto mining operations• Crypto hedge funds• Crypto equity funds• Crypto ATMs

• OTC traders• Post-ICO companies• Crypto exchanges &

decentralized exchanges





% of respondents who most often provide services like calculating cost-basis, transaction reconciliation and tax return reporting.84%

2 https://www.coindesk.com/senate-banking-committee-to-hold-hearing-on-crypto-regulation-next-week

Crypto accountants tend to see a lot of errors and mistakes, and it seems that clients are the most frequent culprit. The interesting takeaway when reviewing responses was the consistency of answers from respondents. Most believe the biggest crypto accounting mistakes, errors or issues with crypto accounting are:

• Lacking disclosure of assets and transactions for tax reporting, from bothbusinesses and individual clients (95%)

• Missing or inaccurate data from clients (98%)• Miscalculations of capital gain for P&L when analyzing transactions without the

proper methods (92%)• Manual tracking of user or business data/account information (87%)

Question 3: What are the top accounting mistakes you see crypto clients make?




98% Missing or inaccurate data

Manual tracking of data/information

Lack of disclosure of assets/transactions for tax reporting (from businesses and individual clients)

95%

87%

Miscalculations of capital gain for P&L when analyzing transactions and assets using FIFO or FOFI methods

92%


Results & reportingIt becomes problematic for professionals when a business or individual neglects to report all of their assets. Just as missing data skews reconciliation, being unaware of a client’s complete financial picture can lead to inaccurate results or reporting. Legally speaking, if the IRS were to find out a business or individual neglected to disclose all their holdings, they could impose legal and financial consequences. Keeping a tax professional abreast of the actual financial situation can save time, money and legal hardship.

Relying on spreadsheetsUntil recently, crypto and blockchain businesses relied on outdated spreadsheets to track and manage their crypto assets or transactions. This is a cumbersome, inefficient and laborious task that often yields inaccurate results and can be plagued by human errors. Automated software solutions should replace manual spreadsheet tracking. Daily transaction volumes for businesses can range from dozens to thousands every day, and organizing and classifying large volumes of transactions requires automation and intelligent technology.

Asset disclosureWhen an accountant has missing data, it puts large holes in the results or ledgers when making calculations— for example, when calculating profit and loss. This can have a disastrous effect on reconciliation. And once a result has been produced, how do you then verify it? What is the source of truth? This is where technology enters the game.




“Maintaining completeness of record and hiring an educated team who understands the technology in your finance and accounting department. Due to the large amount of transactions with some of our clients and the ability to easily move assets presents challenge to maintain complete and accurate information.”

- Said Steven Baum, of Friedman LLP


“Three of the biggest mistakes professionals see from their clients is: Belief that there is no tax obligation when you convert an appreciated cryptocurrency to another currency and not withholding taxes in US dollars; Trying to account for transactions manually in a spreadsheet without using a coin tracking software; Not reporting cryptocurrency transactions whatsoever and/or overlooking foreign reporting requirements.”




- Shehan Chandrasekera of JAG CPA’s

These crypto tax and accounting professionals face a number of day-to-day challenges, but three major challenges will play the most significant role in the future of crypto accounting. By understanding these challenges, businesses can revise their strategies to address and resolve these obstacles.

Question 4: What are the top three challenges when it comes to accounting for crypto?

• (98%) believe crypto tax and accounting need more institutional guidancefor professionals to understand legal rules and ramifications

• (98%) believe inaccurate or missing client data is a leading challenge forcrypto accountants

• (87%) believe that increased organization, improved record keeping andbest practices is a major industry need.

98%

98%

87%

Lack of understanding over crypto/tax rules (requires more government and institutional regulations and guidance)

Missing or inaccurate data (from manual spreadsheet calculations or missing data from exchanges or clients)

Poor record keeping solutions, organizations and best practices (Requires automated and smarter tech, and increased organization techniques)


Lack of government guidanceAccountants and tax professionals rely on governments and institutions for professional guidance and support. However, a lack of guidance and support from institutions and governments has created a pressure point for accountants and tax professionals. This lack of oversight means there is no definitive process to calculate profit and loss for cryptocurrency taxation.

While the IRS claims guidance is on its way, in the interim professionals, businesses and investors remain in the dark. The top three challenges match the top mistakes clients are making. This goes hand-in-hand with the issues of regulation and lack of enforcement.

Because we already understand that inaccurate data and poor record keeping are primary challenges for crypto accountants, it is imperative to understand the technical challenges and limitations that produce unreliable data.




Technical challenges for CPAsMost respondents mentioned three specific technical impediments:

• No access to automated crypto accounting software and lack of knowledge onavailable crypto software solutions. (89%)

• Crypto exchange APIs for accessing account records of assets and transactions,with the full history. Some exchanges have limited history for users. (96%)

• Missing or inaccurate data for reconciliation. (98%)

“Lack of accounting guidance makes it difficult for accounting of the crypto currencies. Valuation considerations and lack of consistency in applying valuation principles especially for thinly traded tokens.”

- Jagruti Solanki of Aprio Advisors


Businesses that leverage transformative technology such as automation and artificial intelligence are more likely to see stronger results and increase efficiencies in their operations, sales or other business components.

If a business created 1000 transactions per-day, to 100 different addresses, for 30 different departments, any individual transaction is the data equivalent of a needle in a haystacks. Accountants need the ability to identify transactions, their source, purpose, volume and price at a glance. Tax professionals need to review and verify each and every transactional line item, and poring over spreadsheets is eye-strainingwork. Automation can help speed the organizational process and make it possible to locate a specific asset or transaction at any time.

Another primary concern is that exchanges, wallets and other operations may not always provide the entire user history at once. For example, consider someone who purchased crypto on Binance in 2017. As of 2019, if you did not personally download your historical records, you can only search and export your data three months at a time. This is exceptionally tedious and does not show the full picture.




“There are very few crypto software capable of producing balance sheet and income statement for crypto related activities. We believe that as the industry continues to grow, crypto software products will get better and better, and the challenges we are facing will be less and less.”

- Sharon Yip of Crypto Tax Advisors

“It’s usually not their fault, but getting the necessary information from the client is often a multi-part inquiry. A lot of missing information may not come to light until you find a gap in the reconciliation process, at which point a lightbulb goes off that explains what happened.”

- Hadi Harp of Harp Law


https://www.forbes.com/sites/danielnewman/2019/07/14/top-10-digital-transformation-trends-for-2020/#4ae14bd776be

Most respondents shared similar sentiments about what the future of crypto accounting will look like. They offered processes and best practices and anticipated legal guidelines.

Institutional regulation98% CPAs believe that crypto will receive more official rules, regulations and guidance from IRS and leading authorities. During the creation of this report, the IRS announced its focus to draft legal guidelines for the industry. It also began sending warning letters to crypto holders who might have neglected their taxes.




“With more IRS clarity and tax enforcement more investors will be able to become confidently compliant with the IRS and hopefully more investors will work to plan to legally minimize their taxes with strategic tax planning.”

- Patrick Camuso of CamusoCPA

Question 5: What does the future hold for crypto accounting?

“Crypto is the perfect test case and use case for fully automated, auditable, verifiable, and finally passive, accounting. As software gets better, and as the purpose-built blockchains continue to develop, we will see blockchain in some ways becoming a panacea for accounting and finance professionals.”

- Joshua Azran from Azran Financial


This can pose major issues for professionals. When attempting to do client taxes, the limited view for three months makes the process of obtaining the full user history in one unified document extremely difficult. If a professional operates on 11 different exchanges, their accountant or bookkeeper would have to repeat the process for all 11 exchanges.

Technology can aggregate that information and make it easily accessible.

https://www.coindesk.com/what-to-expect-when-the-irs-alters-its-bitcoin-tax-policy

Smarter softwareWhile IRS and legal issues are being addressed, companies and startups are focusing on introducing smarter software that is intelligent and automated. It's clear that technology needs to replace spreadsheets and the existing manual processes inhibiting crypto accounting and tax preparation. Today, there are a handful of legitimate companies that have built a truly worthy product capable of servicing complex crypto financial undertakings.

“The future will largely be defined by the taxation of cryptocurrency. Imagine having to report a taxable transaction every time you use the US dollar to purchase something. Most people purchase several goods or services a day, which would be thousands of reportable transactions each year on top of other tax reporting obligations. This simply isn't feasible for the average cryptocurrency user but that's how the tax code tells us to treat the use of crypto to purchase goods or services.”




- Curt Mastio of Founders CPA


Crypto CPAs across the nation are waiting on IRS clarification on a wide variety of matters, such as the standard cost basis calculation method, the type of forms required for submission, and the distinction between investors, crypto holders and businesses. The delay in building a framework for crypto regulation continues to leave a cloud of uncertainty over the industry, as the pending taxation laws will have a dramatic effect on the industry’s future well-being.

Enhanced educationIt is clear that smarter software and regulation will have a big impact on the future of crypto accounting and crypto as a mainstream asset. However, educating professionals, investors, businesses, and even individuals will help to boost morale, train professionals, and convince skeptics who do not yet understand the potential of cryptocurrencies.




“We are confident that the crypto ecosystem will continue to grow and thus we remain actively involved with the SEC and various industry groups including the AICPA’s Digital Asset Working Group and the Digital Chamber of Commerce in order to help educate regulators and establish best practices relating to digital assets.”

- Michelle Chopper & Will Coleman of Cohen & Company LTD


“Automation is the future. Crypto is the perfect test and use case for fully automated, auditable, verifiable, and finally passive, accounting. As software gets better, and as the purpose-built blockchains continue to develop, we will see blockchain in some ways becoming a panacea for accounting and finance professionals.”

- Joshua Azran of Azran Financial





72% of respondents believe that CPAs, investors and the world at large will become more educated on crypto accounting laws, best practices, processes and software. Some of the respondents are actively pursuing the creation of courses, textbooks and guides to help others in need.

“Other than serving crypto tax clients, I also act as an expert coach in providing education and coaching services to other tax professionals who want to learn how to handle cryptocurrency taxation.”

- Sharon Yip of Crypto Tax Advisors

Insight Statisticspg18


entered into their “crypto niche” in 2017

entered into the crypto accounting services because they noticed a lack of effective rules and guidance over crypto accounting and taxation.

100% of respondents are certified professionals in accounting, bookkeeping or law.

95%

97%

89%

94%

servicing investors, businesses, projects, startups, and mining operations.

servicing individual customers (investors)

Who are They Servicing?*% of crypto accountants and tax

professionals servicing…

Crypto? When and Why.*% of respondents entered the crypto accounting and

tax niche…




Most common crypto challenges for CPAs*based on 95% of our respondents.

98% Missing or inaccurate data

Manual tracking of data/information

Lack of disclosure of assets/transactions for tax reporting (from businesses and individual clients)

95%

87%

Miscalculations of capital gain for P&L when analyzing transactions and assets using FIFO or FOFI methods

92%

Biggest challenges for crypto accounting*based on 99% of our respondents.

98%98% 87%

Lack of understanding over crypto/tax rules (requires more government and institutional regulations and guidance)

Missing or inaccurate data (from manual spreadsheet calculations or missing data from exchanges or clients)

Poor record keeping solutions, organizations and best practices (Requires automated and smarter tech, and increased organization techniques)




% of crypto accountants and tax professionals primary focus on tax reports for tax returns, cost-basis calculations and transaction reconciliation.

84%

75%felt they were lacking knowledge of crypto accounting software and mentioned the need for increased automation for services.

desire crypto exchange access for better and more reliable records of assets and transactions.

The Current State of Crypto Accounting*based on our respondents.

81%

believe that CPAs and investors will be more educated on crypto accounting and accompanying solutions and best practices.

believe there will be smarter, and more automated solutions and software

believe in the coming years we will have official rules, regulations and guidance for crypto accountants and crypto accounting.

The Future of Crypto Accounting*based on our respondents.

93%96%72%


Expert Responsespg21


Insight Discoveries List of Resources

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?We began with audit and tax initially and then expanded into many more verticals. Today, we help blockchain companies with their audit, SOC, tax, valuation, outsourced accounting and audit

What was your journey into cryptocurrency like? What initially caught your attention and why?We entered the blockchain and crypto space over five years ago and back then, we had no idea what blockchain was. We spent quite a lot of time learning and educating ourselves and creating customized solutions for our blockchain clients based on their unique scenarios. We are also heavily involved with several blockchain groups.

Jagruti Solankipg22


1. Tracking and accounting for the basis of thecrypto correctly from day one,2. Mixing personal crypto transactions withcompany transactions3. Not documenting the nature of thesetransactions from the very beginning, along withappropriate supporting documents

What are the top three mistakes you see crypto clients make when it comes to accounting?

readiness needs. We also advise blockchain companies as they considering use cases, and implementing solutions.

1. Lack of accounting guidanceValuationconsiderations and lack of consistency in applying valuation principles especially for thinly tradedtokens2. Constant changes and evolution of the industryitself where trends like forks, swaps, airdropsmakes it difficult for companies to monitor whatis going on in this space and how it impacts theiraccounting.

What are the top three challenges when it comes to accounting for crypto?

I think as the industry matures, crypto accounting will mature as well. There will be more guidance from standard setting bodies, which will help the accounting process. For example, in the U.S., the IRS recently announced that they will be releasing guidance on certain crypto matters soon. We are also working closely with the AICPA, who are actively looking into accounting challenges for crypto. I think the current accounting tools for

What's the future of crypto accounting?

pg23

Jagruti Solanki / Aprio AdvisorsCrypto Accounting Expert Series

Next Up: Jeremy Nau >

crypto will also continue to build layers of sophisticated modules that address the current challenges and make accounting easier.

https://twitter.com/jagrutisolankir

https://twitter.com/Aprioadvisors

https://www.linkedin.com/in/jagruti-solanki-11825810

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?

What was your journey into cryptocurrency like? What initially caught your attention and why?My journey started when I began to seriously consider purchasing a home. What became initially evident was how expensive homes were – especially in the San Francisco Bay Area, and I began to wonder why. This led to me researching market cycles, particularly the boom/bust, inflation, the Federal Reserve, and ultimately bitcoin. Fortunately, we have clients dealing with digital currencies, and I could apply my newfound passion and knowledge into my profession.

Jeremy Naupg24


1. Underestimating the complexities of reporting.Yes, blockchains are publicly visible, but thatdoes not mean your reporting is done for you. Infact, accounting for crypto is typically morecomplicated than most other accounting items Ihave encountered. Accounting for gas/miningfees, exchange fees, C2C exchange rates,tracking cost basis – especially for interwallettransfers –is not easy to do manually!

2. Not investing accounting systems and peopleearly enough. For a future finance team orauditor, it is a pain to try and recreate or wadethrough a Company’s transactional history whenit is not managed well. If you start taking crypto-accounting seriously early on, you will avoidserious hiccups down the road.

3. Using bad GL Hygiene. Stuffing 50 currenciesover 10 wallets and 3 exchanges into one GLaccount is going to be a pain to reconcile and apain to audit.

have been providing your standard audit, SOC, tax, and consulting services. We also try to do cool and unique things that blockchains enable, like our partnership with TrustToken and TrustExplorer program, which provides users of TrueUSD confidence their tokens are also adequately backed by USD on a real-time basis. We think this is just the beginning of how cryptocurrencies and blockchains will change the accounting industry.


My firm has been helping crypto companies for about five years, when we started servicing a large virtual currency exchange. Since then, we

1. Ambiguity of standards. Not only does tryingto squeeze crypto as an intangible asset notmake much sense to me, there are many otherareas where clarity is needed. What are theadequate pricing sources? How do I price


Blockchains are essentially automated, autonomous, secure, open, and immutable ledgers. Accountants deal with ledgers all day, and we are certainly not automated or autonomous. We will either learn to harness the power of cryptocurrencies and blockchains in our profession, or be replaced by them.


pg25

Jeremy Nau / Armanino BlockchainCrypto Accounting Expert Series

Next Up: Steven Baum >

transactions denominated in crypto, and not in USD)? What level do I need to audit crypto-assets? Do I need to know every BIP? Can I rely on explorer tools? There is a lot left unsaid.

2. Unprepared traditional accounting systems.Many of the existing platforms out there do nothandle crypto well. What module do I put mycrypto – in inventory,so I can track the cost basis? Or fx, to treat it like a true currency when I payfor things? Issues like this make a platform likeBlox very important.

3. Crypto Complexity: HD Wallets, BIP Standards,Consensus Mechanisms, Private Keys, DigitalSignatures, MemPool. It really is a whole newaccounting and audit world out there with cryptoassets, and it can be a lot to learn.

https://twitter.com/ArmaninoLLP


What was your journey into cryptocurrency like? What initially caught your attention and why?After earning my graduate degree in Financial Accounting, I launched my career at Friedman LLP. I started working primarily with public companies in the emerging technology space, and my clients often aimed to raise capital through debt or equity transactions, initial public offerings, mergers or acquisitions. Since beginning my career, I’ve always had an interest in emerging technology and that natural interest drew me to cryptocurrency and the underlying technology.

I first started learning about bitcoin specifically in 2014 in order to get up to speed for a new prospect we had on the horizon. In 2015, Friedman retained a new client that was very involved and heavily invested in bitcoin. I was eager to work with the client and began to research and understand how digital assets and distributed ledger technologies would impact accounting. This passion evolved into spending a

Steven Baumpg26


Cryptocurrencies are a unique asset class. Since there is incredible uncertainty around regulations and guidance, people fear making mistakes. Some of the biggest mistakes we see are 1- Making the assumption that cryptocurrency isdifferent and should not fall in line with currentaccounting guidelines. While this may be truefrom an operations standpoint, as accountingprofessionals we must follow the current

Nearly 5 years ago, our firm launch a digital currency practice and we began to immerse in various projects in the space. We gained significant industry knowledge from existing clients and through building new relationships with entrepreneurs in the industry. Since then, we have assisted clients in interpreting the accounting and tax guidance to stay compliant with the current rules and regulations in place for accounting, auditing, internal control compliance and taxation for digital asset and distributed ledger companies. As one of Friedman’s dedicated specialists, I am tasked with building our digital currency practice and am proud of the critical work we have achieved over the past few years.


significant portion of my time learning about how blockchain technology would impact all areas of business and how new digital assets that were coming into the industry would shape the economy. From there, cryptocurrency markets began to skyrocket, and so did our client base. I began to focus more and more of my time on getting involved in a variety of groups that encouraged learning and innovation with the digital currency community.

pg27

Steven Baum / Friedman, LLPCrypto Accounting Expert Series

I think cryptocurrency and the underlying technology is going to revolutionize the auditing world through real time auditing abilities on a decentralized ledger, which could atomically approve transactions based on actual occurrence with the use of smart contracts. The ability to audit through a blockchain can make it easier to verify transactions, move reliance away from the auditors substantive testing and allow companies to be more transparent with the users of the financial information. I also think the concept of blockchain will make internal controls around cybersecurity in all companies extremely important. We are beginning to experience a whole new wave of risk and uncertainty that exist with this revolutionary technology.


Next Up: Amir Marmar >

relative accounting guidance uncertainty is the biggest challenge we face. Agencies like the SEC, PCAOB, IRS and AICPA need to begin to develop more definitive guidance around this unique asset class and transaction within the asset class.

Until agencies are able to further evaluate, understand and develop definitive guidance themselves, the best approach is to leverage current guidance and apply it to specific situations based on analogy. Overall, the U.S. has effectively kept professionals in the space informed of significant events. Additionally, refraining from giving premature guidance has avoided the issue of potentially overwriting it once the industry is better understood in the future.

As more money and interest continues to push into the digital currency space, regulation and


guidance we have in place. It is truly a matter of interpreting the existing guidance and using that as a reference for current trends in the asset class.

2- Maintaining completeness of record and hiringan educated team who understands thetechnology in your finance and accountingdepartment. Due to the large amount oftransactions with some of our clients, along withthe ability to easily move assets, presents achallenge to maintaining complete and accurateinformation. Cryptocurrency is beginning topresent a change in the treasury functions ofcompanies; this function, which has historicallybeen focused in finance, is now being shifted toan information technology role. We are seeingmore technical people, such as CTOs andsoftware engineers, becoming a significant partof the treasury discussions when moving largevalued assets.

3- Relying on third party service providers that donot have appropriate compliance for internalcontrols and security. It is extremely importantfor our clients to fully evaluate all service orcustody providers, such as exchanges, in order to rely on the financial information being created bythese institutions. Since most exchanges are off-chain its very important to have a deepunderstanding of these service providers beforerelying on any information for financial recordkeeping.

https://twitter.com/blockchainbaum

https://www.linkedin.com/in/steven-j-baum-cpa-183a7642/

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?Although I was in the space early on, I really

What was your journey into cryptocurrency like? What initially caught your attention and why?My journey into cryptocurrency started in January 2013, when a good friend of mine started a bitcoin trading platform out of New York which we sold to Kraken in 2016. I guess I would say I got lucky that friends of mine flocked into the space early on and I just joined them, providing my world class back-office accounting services to them. Initially, it wasn’t anything specific that caught my eye. But later, I became obsessed with being the best at it and trying to solve the puzzle of how to “properly and accurately” account for crypto transactions.

Amir Marmarpg28


A few common mistakes I see crypto clients make is that they hire non crypto accounting sophisticated people to handle their books, they don’t keep a log with notes & comments — which is real simple and easy—of their crypto transactions. Additionally, many don’t have a solid digital asset management strategy in place.


began targeting crypto and blockchain companies with my crypto accounting services in 2017. The core crypto services include accounting for crypto transactions, cost basis analysis and tracking, crypto financial reporting using our one of a kind crypto tracker automated tool, crypto tax optimization strategies and digital asset management advisory services.

A few challenges facing our industry today include getting the data which is scattered amongst many wallets, lack of accounting pronouncements by governing bodies, and a landscape that is always changing from a legal or even operational standpoint as new coins hit the market.


I am excited for the future of crypto accounting as tech companies are out there building solutions that will make our lives easier and by far Blox is at the top of my list of solving my stress point.


Next Up: Mark Li >

https://www.linkedin.com/in/amir-marmar-20b76726

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?Acknowledging that the blockchain/digital assets industry was an underserved and untapped market, in early 2014, BPM jumped into this space and began serving blockchain/digital assets companies. Since then, BPM has amassed extensive experience serving various blockchain and cryptocurrency companies within the cryptocurrency ecosystem, including miners, wallets, custodians, exchanges, brokerage, stablecoin, and services, as well as the crypto hedge funds, PE funds and VC funds and other blockchain/digital assets operating companies. We take a multi-service offerings approach in serving our clients in the form of audit, tax, information technology, regulatory and compliance, CFO/accounting services, and other attestation services.What was your journey into

cryptocurrency like? What initially caught your attention and why?The decision for BPM LLP to be an early pioneer in the blockchain and digital assets space was rather simple. We saw the opportunities in blockchain technology that can change how we do things today, how companies operate, and how transactions are processed. As such, BPM LLP wanted to be part of “new movement” – the next Internet 2.0 as some might call it. We visualized that with the rapid rise of the distributed ledger technology, brings disruptions and transformation to businesses. We believed blockchain technology, which enables cryptocurrencies like bitcoin and Ether, would take us into a new frontier of openness, decentralization and globalization. Additionally, as cryptocurrencies are becoming more mainstream, the need to understand blockchain and to own cryptocurrencies will become a key skill set..

Mark Lipg29


There are many issues and matters that we see being involved in this blockchain/digital assets industry, and honestly, that’s the fun part of it – the ability to help our clients while making an impact on the industry. The three most common pitfalls are: (1) lack of transaction data and information; (2) tracking of cost basis of digital assets; and (3) treatment of like-kind exchanges.


Here will be a new and separate set of standards and rules for this new asset class. The current standards and rules do not cover this new asset class nor trying to fit this new asset class into the current standards and rules do not make sense either. It is possible that the new standards and rules will focus on the intent, business purpose and ability of companies engaging in digital asset activities.


pg30

Mark Li / BPM AccountingCrypto Accounting Expert Series

Next Up: Michelle Chopper & Will Colemna >

Again, the fun part of what BPM has done is the ability to help our clients. In many aspects, the fun part are the challenges we experience every day. The top three challenges are: (1) lack of accounting and audit guidance; (2) verifying the existence and rights of the digital assets; and (3) dealing with privacy coins or tokens.


https://www.linkedin.com/in/mark-li-66bb858/

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?We began working with cryptocurrency hedge funds in 2015/2016 – offering audit, tax and operational controls consulting. Today we provide audit & tax support to over 140 crypto hedge funds, perform regular attestations for stablecoins, and enable SOC compliance for digital asset custodians, blockchain data providers and other vendors within the crypto space.

What was your journey into cryptocurrency like? What initially caught your attention and why?Our cryptocurrency practice was developed by curious and creative entrepreneurs who looked beyond the realm of conventional possibility. As a firm we were built by embracing and supporting the alternative investment space – from futures and commodities in the late 70s to various hedge fund strategies in the early 90s and now cryptocurrency today. We coupled our military-trained in-house cryptography expertise with our dynamic, tech-savvy and young professionals to create thoughtful solutions for the crypto space. Being a nimble firm allowed us to be one of the first firms to issue audit opinions on crypto hedge funds. This meant that we were on the leading edge of bringing a traditional accounting product to an often misunderstood and sometimes untrusted space. We invested a significant amount of time and resources to research, learning and building. We now have a

Michelle Chopper & Will Coleman

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Inadequate recordkeeping of all transaction dataInadequate controls over security of wallets and exchange accountsInadequate understanding of valuation methodologies available and allowable under US GAAP and consideration of fund structure for fund’s trading highly illiquid assetsNot talking to your fund administrator and auditor early enough about significant changes to trading strategy, asset types traded, or where they are traded


team of more than 100 professionals with in-depth expertise related to digital assets, ICOs and crypto exchanges.

Weak valuation policies, and especially related to valuation of illiquid assets such as SAFTs and SAFEsExchanges with poor or incomplete reportingAuditing of privacy coins


We are confident that the crypto ecosystem will continue to grow and thus we remain actively involved with the SEC and various industry groups including the AICPA’s Digital Asset Working Group and the Digital Chamber of Commerce in order to help educate regulators and establish best practices relating to digital assets. The regulatory and accounting guidance may eventually catch up with the ecosystem as it stands today, however, as the space experiences dynamic changes, we believe the guidance should incorporate a principles based approach and allow for evolution without rules that would unintentionally put good actors in bad positions or would hamper innovation simply because the regulators cannot keep up with the rapid pace of this emerging asset class.


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Michelle Chopper & Will Coleman / Cohen & Company LTDCrypto Accounting Expert Series

Next Up: Sharon Yip >

https://twitter.com/CohenCPA

https://www.linkedin.com/in/michelle-chopper-cpa-575b2434/


https://www.linkedin.com/in/will-coleman-602948163/

taxation as my niche, to combine my interest in cryptocurrency and my knowledge and experience in tax as a CPA. Consequently, I founded Crypto Tax Advisors, LLC.

100% of my clients are involved in cryptocurrency. Most of them are individual crypto investors and many of them already have a CPA doing their tax return preparation. Due to the complexity of cryptocurrency and lack of official guidance on cryptocurrency taxation, the majority of tax professionals do not understand how to handle crypto tax compliance. I help my crypto clients mostly with their crypto transaction reconciliation and calculation of crypto trading gain or loss. I also advise clients regarding the calculation of mining income, gifting of cryptocurrency, and FBAR reporting related to cryptocurrency. I have some clients who are full time in crypto trading or in crypto businesses. I help them with entity structure and provide them with ongoing tax advice regarding their crypto activities, in addition to helping them with their crypto tax accounting and tax reporting.

Other than serving crypto tax clients, I also act as an expert coach in providing education and coaching services to other tax professionals who want to learn how to handle cryptocurrency taxation. I published an eBook called A Quick Start Guide to Cryptocurrency Taxation and created an online course called "Mastering Cryptocurrency Taxation - The Fundamentals," both of which are specifically designed for tax professionals. In addition, I provide coaching programs to teach tax practitioners how to secure and service crypto tax clients. For more information about my eBook and my crypto tax online course, please visit my website at: https://cryptocurrencytaxinstitute.com/When did your firm begin offering

crypto accounting as a service? What specific services do you offer to crypto clients?I started my own tax practice in early 2018, after 20 years of my career in public and corporate accounting. I decided to pick cryptocurrency

What was your journey into cryptocurrency like? What initially caught your attention and why?I heard about bitcoin several years ago, but I didn't pay much attention to it. I thought it was for people who wanted to make secret deals. A friend of mine introduced me to cryptocurrency in 2017, and out of curiosity, I decided to give it a try. I ended up getting hooked pretty quickly, as I was fascinated by the investment potential and use of cryptocurrency as well as the brilliant design of blockchain technology. Since then, I’ve become a crypto enthusiast.

Sharon Yippg33


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Sharon Yip / Crypto Tax Advisors, LLCCrypto Accounting Expert Series

Based on my experience dealing with crypto clients, I would say the top three mistakes people make when it comes to crypto accounting are:

(1) Not having an understanding about cryptorelated tax rulesMany crypto investors have a wrong impressionor they have no knowledge about taxation ofcryptocurrency activities. There are many mythscircling around on the internet. A largepercentage of people seem to believe the mythsrather than trying to find out what is true andwhat is false. They don't know how to handletheir crypto accounting correctly and they oftenend up not reporting their crypto taxes or doingit wrong. This means they will most likely face ahigh IRS audit risk.

(2) Not wanting to disclose all theircryptocurrency transactionsMany people still believe that crypto transactionsare anonymous, therefore, compliance is notenforceable and there is no need for them toreport all their crypto activities. We often have toexplain to our clients that blockchain is an openledger, and most crypto transactions are easilytraceable. Enforcement of cryptocurrencyreporting is not only possible but probable, andmost likely easier for the IRS to do than in manyother areas. Trying to hide from the IRS can leadto severe consequences, including criminalprosecution of tax evasion or tax fraud.

(3) Poor record keepingMany people do not keep track of all theircryptocurrency activities. They rely on theexchanges they traded on to provide them

transaction data when they need it. However, some exchanges do not provide all the transaction data in reports their customers can download or in API import to a crypto software. Also, some types of transactions, such as ICO investments, personal crypto lending, gifting, earning crypto income, and spending cryptocurrency, can only be accounted for by using records maintained by the individual who executed those transactions. Lack of good record keeping will lead to missing data and inaccurate crypto accounting. It may also mean that businesses or individuals are not able to defend themselves when they are audited by the IRS.


Challenges are usually caused by the mistakes people make. The three most common challenges we encountered in crypto accounting that are not caused by human error are:

(1) Crypto accounting softwarePeople usually use crypto software to doaccounting and tax reporting for their cryptoactivities. It's almost impossible to do cryptotransaction calculation manually, due to itscomplexity and the volume of the transactions.Currently, there are over a dozen cryptosoftwares in the market. Although each softwarehas some unique features or capabilities, thereare common issues across the board. Forexample, none of the software supports all theexchanges and wallets; most software cannotquicklyhandle tens of thousands of transactions.Most software provides only a limited number ofcost basis allocation methods, and does notprovide calculations for margin trades. In


https://twitter.com/cryptotaxadvice

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Sharon Yip / Crypto Tax Advisors, LLCCrypto Accounting Expert Series

their crypto transaction data into the crypto software. For many tax professionals, since they don't have personal experience or knowledge in cryptocurrency, they don't understand how things should work, and they cannot adequately help their crypto clients resolve issues encountered in crypto software.

No matter how good a crypto software is, if you don't know how to properly use it, the software cannot produce a correct result.

Crypto accounting is still in its early stage. Very different than traditional accounting, crypto accounting has its unique features and requirements. Currently there is no official guidance about how to do crypto accounting correctly. We expect government agencies and accounting governing bodies to eventually step in and issue regulations and guidance about crypto accounting. We also believe that crypto software will become more and more sophisticated and comprehensive. Lastly, I believe more and more tax and accounting professionals will become educated about cryptocurrency, its related activities, and how to properly handle crypto accounting and taxation.


Next Up: Nick Cerasuolo >

addition, there are very few crypto softwares capable of producing balance sheets and income statements for crypto-related activities. We believe that as the industry continues to grow, crypto software products will get better and better, and the challenges we are facing will become less and less prevalent.

(2) Loss of access to transaction dataSometimes people lose access to theirtransaction data, which makes it impossible tohave a complete and accurate accounting fortheir crypto activities. Common reasons for losing access to transaction data include exchangeshutdown, a crypto investment scam,unrecoverable loss of password or private key tothe individual's online account or wallet, orpermanent loss of their hardware wallet.

Exchange shutdown has been a problem since the early period of cryptocurrency adoption. Some of the more famous examples of exchange shutdown include Mt. Gox, BitGrail, and Cryptopia. In the case of an exchange permanent shutdown, there is nothing people can do to regain their transaction records. Therefore, it is critical that we regularly download transaction reports from our exchange accounts so there is a complete accounting of all crypto transactions.(3) Lack of knowledge in using crypto software

Most people do not carefully read and follow the instructions for using the crypto software they chose to do their crypto accounting. They often end up encountering errors when importing, or have trouble knowing whether they have correctly and completely imported or input all


When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?I’ve worked exclusively in cryptocurrency for the past 2 years. Blockchain Tax Partners was formed in 2019 because there is a scarcity of qualified tax advisors that know cross-border transaction planning AND cryptocurrency taxation. In addition, many of these startups need advice to stay out of trouble, but can’t afford a seasoned tax executive or a Big 4 accounting firm. Blockchain Tax Partners fills this hole by delivering world class advice, right-sized to a client’s needs. Importantly, because of our experience, we can offer fixed monthly fees and fixed project fees. This is the gold (bitcoin) standard of planning because it allows clients to: (1) forecast their cash burn accurately and (2)measure their expected ROI before engaging in atransaction without having to worry aboutoverages. Typically, clients will get a 10x ROI ontheir investment almost immediately, with arecurring benefit year over year, so the servicessell themselves.Specific examples for operating companiesinclude tax optimizing presale token agreements(SAFTs), designing token/equity compensationplans for employees and independentcontractors, cross-border IP migrations, treasurymanagement strategies, basis trackingoptimization, and optimizing the “investable”legal entity structure for future financing rounds.Specific examples for venture funds includedesigning an onshore/offshore fund structure toaccommodate non-US investors, investment

What was your journey into cryptocurrency like? What initially caught your attention and why?

What really caught my attention, however, were the people. The caliber of the management teams in this space is exceptional, both in terms of intelligence and integrity. There are some bad actors too, of course, but the community works hard to self-regulate and keep them at bay. I’m not sure who will be the next Elon Musk or Jeff Bezos, but I can assure you he or she works in crypto and is, or will be, a client of Blockchain Tax Partners.

I’ve advised on over 200+ cross-border transactions in technology, telecom, financial services, private equity, venture, and real estate during my 11 years in public accounting at the Big 4. Every transaction was complex and interesting, but these deals pale in comparison to the sophistication involved in cryptocurrency transaction tax planning. What we are seeing in the crypto industry are new and innovative business models that quite simply could not have existed before the advent of blockchain technology. We are seeing start-ups that have sophisticated cross-border legal and tax issues from day 1, without the resources of your typically multinational corporation to tackle the administrative burden. They then have the added difficulties of managing US and non-US securities laws and managing their cash tax exposure, since every cryptocurrency transaction, even a stablecoin transaction, is potentially taxable in the US under the IRS Notice 2014-21.

Nick Cerasuolopg36


(1) Over-planning for upside, (2) under-planningfor downside and (3) choosing to over-engineerrather than exhibit business practicality. Toooften there as basic fundamentals that aremismanaged – treasury comes to mind – whichleave companies vulnerable to unforeseenmarket conditions. The difference betweencompanies that survived the crypto winter andthose that didn’t had less to do with product/technology and more to do with financialdiscipline and general business acumen.

(1) Lack of market software for things like taxbasis tracking, (2) lack of clear guidance for taxand financial accounting, and (3) the sheervolume of transactions.



Blockchain has the ability to disrupt many industries, including accounting services. Many of the routine tax and accounting services will be automated away using software like Blox. Therefore, the future of a CPA/tax attorney will lie in their ability to add value through strategic planning.


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Nick Cerasuolo / Blockchain Tax PartnersCrypto Accounting Expert Series

Next Up: Rebecca Samuels >

structuring (SAFT, SAFE, and SAFE-T), due diligence for deals, and portfolio company tax services. Specific example for real estate include implementing a tokenized cap table, fractionalizing ownership interests in commercial real estate, navigating a tokenized REIT offering, and tax optimizing cash distributions to investors using stablecoins.

https://www.linkedin.com/in/nick-cerasuolo-95835650/


didn't care, nor wanted to pay taxes. More recently, exchanges have decided to become more complaint with AML and KYC policies, so it may not be as easy to hide any more. In addition, more tax-compliant investors have entered the market, so the need for my services rose dramatically in the fall and winter of 2017. I offer crypto ledger composition and preparation, tax consulting, tax preparation, and general accounting. I have serviced clients all over the world, in countries such as Australia, Ireland, Portugal and even Japan. It’s been an amazing experience.

I began offering services in the summer of 2017, and was turned down just as quickly. Many individuals involved with crypto at that time

What was your journey into cryptocurrency like? What initially caught your attention and why?I started in crypto in August 2017 by reading an article that said cryptocurrency owners weren't paying taxes on the crypto gains, and I thought it would be interesting to learn more about this topic. I then attended local meet ups and did a lot of reach to understand what bitcoin was and how could I help others involved in it. From there, bitcoin slowly but surely increased in popularity, which brought me a lot of clients asking questions about taxation.

Rebecca Samuelspg38


Top three mistakes I see crypto clients making: 1. Not having the data from all of the exchanges.Missing data puts "holes" in the ledger whichcause the calculations to be off.2. Not providing all of the information upfront.Missing data can be very obvious in a ledger,which causes me to spend more time getting theinformation.3. Not being knowledge about tax laws. Undercurrent tax laws, trading during a bull market cancause an unexpected tax bill. Similarly, tradingunder a bear market can cause an unexpectedcapital loss, which under current tax law, a lossdeducted on the return is limited to $3000 USDper year. If you want to play the game, know therules upfront to avoid unnecessary surprises.


What are the top three challenges when it comes to accounting for crypto?In essence, the top three mistakes translate into the top three challenges for crypto. As a tax practitioner, it gets complicated and time-consuming not having all of the data provided from a client. My easiest clients have been clients who have data from all of the exchanges and hardware wallets and present it the first time.

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Rebecca Samuels / PythagusCrypto Accounting Expert Series

The IRS is expected to update guidance on taxation, which is very welcomed. The government is aware that crypto is here to stay, so I expect more regulations to follow. I am excited to see how this all plays out, but either way, I will be here to assist clients who need me and my services to make sure the IRS doesn't come knocking at their bank account.


And of course, as a practitioner, I don't like giving my clients bad news, such as a huge tax bill, or that their net loss is limited. I do my very best to educate my clients and provide them with all of their options, which hopefully makes the blow easier to handle.

Next Up: Shehan Chandrasekera >

https://www.linkedin.com/in/rmsamuels/

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?We started offering crypto accounting services in 2017. We help various clients in the crypto space such as investors, miners, employers, OTC traders, hedge funds, private equity funds and blockchain startups. Our services include preparing crypto tax returns, crypto tax planning,

What was your journey into cryptocurrency like? What initially caught your attention and why?I entered into the cryptocurrency market as an investor in late 2016. What first caught my attention was the potential of this new class of asset. However, later I was more interested in the blockchain technology and its disruptive nature.

Shehan Chandrasekera

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1. Belief that there is no tax obligation when youconvert an appreciated cryptocurrency toanother currency, and not withholding taxes inUS dollars2. Trying to account for transactions manually in aspreadsheet without using a coin trackingsoftware3. Not reporting cryptocurrency transactionswhatsoever, and overlooking foreign reportingrequirements


business or entity structuring and startup consultation.

1. Checking for accuracy in terms of transfers andcategory of income, for reports that aregenerated by cointracking software, beforeentering in to tax returns2. Not having API support for all exchanges onsome coin tracking platforms. It’s time consuming manual entry when an API isn’t available3. Not having complete records due to someexchanges being hacked or shut down


In the future, crypto accounting should be fully automated and API driven, so practitioners can focus on more value added services like crypto tax planning.


Next Up: Wendy Coggins >

https://twitter.com/shehan1212

https://www.linkedin.com/in/shehan-c-64343b56/

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?I have been a tax accountant for 35 years and I’d like to say I’ve seen it all, but when people started asking questions about how to report their trades – or even asking if they needed to report their trades – I started really researching the reporting requirements. There wasn’t much to go on at the beginning so I went to every tax and law class I could find. I determined it was not as complicated as people think, at least not the tax part. In 2017 we could still use “like-kind” exchange treatment, and I did that a lot.

I took every call from people who just had questions. My favorite was an elderly gentleman who called and said he was doing his son’s tax return. The son was in college for five years and hooked up a mining rig in his closet. He cashed out his bitcoin in December 2017 and had a $900k gain. His dad had wanted to know how to report it.

I did my first cryptocurrency tax return in 2017 and have done many since then. I am a small firm with one worker, and I do all the tax work myself. I have yet to find more than a handful of people who really understand how the reporting works.

What was your journey into cryptocurrency like? What initially caught your attention and why?In 2012 I picked up a new client and was working as a part time CFO. I was approached by an acquaintance who said, “We need to invest $5,000 in bitcoin, figure out how to do that”. It was more complicated back then and we had to use an intermediary.

Then, in the fall of 2016, this same client started getting involved in advising ICOs, and heavily investing in multiple cryptocurrencies. It was up to me to figure it all out. The way I learned was through opening a personal account with a number of exchanges purchasing various cryptocurrencies and moving them around. Then, when I had it figured out, I did it for my client in much larger amounts.

I then started attending events like the Washington DC Blockchain summit and Bitcoin Miami and Crypto Invest Summit. I really enjoyed the events so I went to every single one I could.

Wendy Cogginspg41


First, not reporting anything because they are scared or don’t know how to do it.Second, only reporting the trades that resulted in cash out.Third, not using the correct basis.


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Wendy Coggins / Virtual Tax, INCCrypto Accounting Expert Series

Soon, there will be college classes in crypto accounting, and hopefully more competition in the reporting and tracking systems. We need good, smart people who understand it and can work in this arena.


The exchanges are not very report-friendly. They expel a bunch of numbers that are very hard to decipher. If you run a gain or loss report from one platform and then run it again on another, it yields different results. Sometimes there will be thousands of transactions to pore through, and it’s really difficult to follow the money. Often, it’s important to step back and say, “ok, what did I start with and what did I end up with at the end of the year?” I use the “prudent man” rule, and determine what would a prudent man report.


Next Up: Patrick Camuso >

https://www.linkedin.com/in/wendy-coggins-ea-54b977144/

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?We began offering cryptocurrency services at scale during 2017. We work with hundreds of investors nationwide.

We are a full service firm which offers cryptocurrency accounting, tax preparation and tax planning. We have saved crypto investors millions of dollars in taxes, but are even more concerned with protecting investor’s assets through proper advisory and accurate accounting. Outside of cryptocurrency, we work heavily with other types of investors including real estate investors and small businesses.

What was your journey into cryptocurrency like? What initially caught your attention and why?The reason I got involved in cryptocurrency was after hearing about it around 2014. I was very interested in the impact triple-entry bookkeeping could have on our economy, and the potential of bitcoin. I also noticed while working at the Big 4 that they were paying attention to this technology as well, even in its early stages. The reason Camuso CPA began offering cryptocurrency accounting services was after I realized a personal accounting need, like many other investors. My professional background, with years of financial service experience at the world’s largest asset managers, allowed us to quickly add value to investors by providing accounting and tax-related services.

Patrick Camusopg43


1. Lack of documentation and accounting/documentation systems2. Lack of understanding of tax code and taxplanning opportunities3. Lack of proper cash flow management andfinancial planning


1. IRS Clarity - Like many investors, CPAs are alsowaiting on IRS clarification regarding manyspecific questions on tax and accounting forcryptocurrency. After recent published comments from the IRS, I am becoming more hopeful thatwe will see at least basic clarification soonerrather than later.


2. Investor Tax Awareness and Education - OftenI still see new clients who leave money on thetable with the IRS either though tax penalties ormissed planning opportunities. Crypto investorsneed to become as knowledgeable about tax asthey are technology.

3. Lack of documentation systems for new clientsbefore they work with us.

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Patrick Camuso / Camuso CPACrypto Accounting Expert Series

Next Up: Vincenzo Villamena >

This is hard to determine for sure but it will involve further IRS clarification on the tax code related to cryptocurrency, then enforcement actions for non-compliant taxpayers. Enforcement will become increasingly more sophisticated and frequent, using a combination of general inquiries like we have seen in Canada, international cooperation using agreements like the J-5, exchange audits, technology, and check the box provisions, similar to FBAR on returns to detect non-compliant cryptocurrency investors. With more IRS clarity and tax enforcement, more investors will be able to become confidently compliant with the IRS, and more investors will work to legally minimize their taxes with strategic tax planning.


https://twitter.com/PatrickCamuso

https://www.linkedin.com/in/patrickcamuso/

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?When crypto began growing, more and more people began asking questions about taxes in the Facebook and Telegram groups I was a part of. I saw this as an opportunity to not only get more involved in the crypto world, but also offer a great service. We offer US tax preparation and capital gains calculations, as well as structuring

What was your journey into cryptocurrency like? What initially caught your attention and why?I remember hearing about crypto years ago, and conceptually I loved the idea and movement behind it. Given that I am a libertarian at heart, I appreciate the concept of a decentralized currency. I bought into it ideologically and financially, and have been involved ever since.

Vincenzo Villamenapg45


1. Miscalculating the capital gains by notincluding exchanges, years, and other crucialinformation

2. Choosing the wrong method of reporting suchas “kind exchange,” which means no taxation oncrypto-to-crypto transactions – which is no longer an option in the U.S. – or specific identification,where you choose a specific buy and selltransaction for a coin to calculate the capital gain.

3. Choosing the wrong jurisdiction for theirneeds. A crypto hedge fund is better to be set up in the Bahamas or Cayman, whereas an ICOwould be better in Switzerland or Malta.


for ICOs and crypto investors. Given the changing laws and investment landscape, it's been fascinating to follow and advise clients on the best jurisdictions and scenarios.

1. Lack of information and transparency from theexchanges.

2. Lack of coordination of transactions betweenthe various exchanges.

3. There is decent software out there to helpcalculate gains, but it could be better andrequires formatting. This process could beseamless as it is with brokerage accounts.


I think there will be more regulation and reporting transparency among the exchanges. I do think there is a need for this, given the


confusion on US tax reporting as well the various ICO frauds. Blockchain is a pivotal technology, but given the rampant hacking and fraud, I sincerely believe that it needs more advanced laws and regulations to help the long term viability of crypto.

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Vincenzo Villamena / Online TaxmanCrypto Accounting Expert Series

Next Up: Hadi Harp >

https://twitter.com/onlinetaxman

https://www.linkedin.com/in/vincenzo-villamena-7055815/

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?I studied public policy and economics in my undergraduate degree, completed a tax law focus during law school, and was working with a tax attorney for a few years when my foray into blockchain and cryptocurrency began. I had the technical background and understanding of the issues, and I was very interested in the technology and investment possibilities at a personal level. The transition into offering crypto tax services in my practice was a very natural evolution for me.

The main crypto tax service I provide is to individual investors who want to have an attorney confidentially review and reconcile their crypto-related transactions and activities. The ultimate result is the preparation of appropriate tax forms that can be incorporated into the client’s tax returns by their own tax preparer. Oftentimes, this also means working with the client’s tax preparer to answer their questions or come to a consensus on certain issues.

What was your journey into cryptocurrency like? What initially caught your attention and why?I had heard ramblings about cryptocurrency from a friend, but I didn’t really think much of it until I learned about the blockchain side of the equation. Growing up, I have always been super interested in computers and technology, so when I learned about the possibilities that blockchain could open up, I really began taking an interest in learning about all things blockchain. I could see the application of solving the double-spend problem in so many different areas of business, law, finance and community that it was hard to ignore. I was also fortunate enough to be in Los Angeles at the time. The Los Angeles blockchain and crypto scene is very active, so I had the opportunity to hear a lot of super talented people speak on all sorts of projects.

Hadi Harppg47


Mistake # 1 – Ignoring prior years’ transactions or trades. Oftentimes, clients want to ignore, or even worse, are oblivious to the notion that prior years’ transactions or trades matter. This is the case even if we are only reconciling the current tax year. In order to get an accurate result for the current tax year, the reconciliation process must start in the year the coins were acquired, regardless of the number of transactions or sales in that year.

Mistake # 2 – Trying to take untested or inconsistent tax positions. Clients want to minimize their tax burdens.Unfortunately, this


Certainly, there seems to be new software and coin tracking tools coming out now almost every month. Until everyone across the board – especially the IRS and the exchanges – gets on the same page, the efficacy of using one tool or another is subject to trial and error.

At the macro level, as an attorney, there is always going to be a grey area in how to interpret laws and tax governing structures. The extent of that will continue to evolve based on both IRS guidance and Congress.

If small crypto transactions covering consumer purchases are exempted by Congress, that would make a huge difference in the future of crypto accounting, as well as mainstream crypto adoption. Despite not being widely publicized, many retailers have already begun accepting bitcoin and other cryptocurrencies at some of their brick and mortar locations. An exemption of some sort would then pave the way for the


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Hadi Harp / Harp LawCrypto Accounting Expert Series

Challenge # 1 - Getting full and complete records and information from the client. It’s usually not their fault, but getting the necessary information from the client is often a multi-part inquiry. A lot of missing information may not come to light until you find a gap in the reconciliation process, at which point a lightbulb goes off that explains what happened.

Challenge # 2 – Reconciling messy trades and transactions. When clients are just pushing buttons, moving coins between exchanges and cold wallets, and back, they often do not take into account the tracking that will need to be done in order to reconcile those transactions after the fact. Having to figure out what the client

did, and perhaps why, can often present challenges, especially when the client’s memory is foggy. A little foresight into only making deliberate and meaningful trades can go a long way here.

Challenge # 3 – Dealing with the inconsistent data provided by the exchanges. Each exchange provides different schedules and data points, so it can sometimes be difficult to figure out what’s what. This can get especially confusing when dealing with exotic and non-fiat based trading pairs.

should not come at the cost of taking untested or inconsistent tax positions. Whether it’s trying to claim like-kind 1031 treatment, or switching between LIFO and FIFO every tax year, these are the positions that would likely make anyone a target for further examination by the IRS.

Mistake # 3 – Selling at the peak of the market, but failing to convert some of those gains into fiat. Some clients put themselves in a hard spot when they made trades during the hot market, only to see the value of their portfolios shrink in the coming months. Unless they traded some of their gains for fiat immediately, or offset those gains with corresponding losses in the same year, they ended up with a large tax bill and no assets to pay.


https://twitter.com/lawharp

https://www.linkedin.com/in/harplaw/

Average Joe to buy his $3.75 cold brew without worrying about tax consequences and without needing a tool or app to track gains or losses on the transaction.

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Hadi Harp / Harp LawCrypto Accounting Expert Series

Next Up: Curt Mastio >



When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?We started offering crypto tax preparation services in 2017. We work with miners, traders and investors to help calculate and report their

What was your journey into cryptocurrency like? What initially caught your attention and why?I actually kind of stumbled into it by accident. I had some clients who were getting involved in crypto back in 2017 during the bull run when every coin was seemingly skyrocketing overnight. I observed the market from afar without participating, but started to become interested in how everything was taxed. Once I realized that there was a huge gap in the crypto tax preparation space, I started educating myself on it and things kind of took off from there.

Curt Mastiopg50


1. Thinking they don't have to file2. Not understanding that using cryptocurrencyto purchase goods and services is a taxabletransaction3. Not being organized with their wallet orexchange data

cryptocurrency gains and losses, as well as develop tax strategies around crypto. In addition to working with crypto traders and miners, we also work with startups that are exploring various use cases of blockchain technology.


1. We still don't have the regulatory clarity thatwe'd like to have from the IRS on certain areas ofcrypto taxation. There have been multiplerequests for clarifying guidance, but we're stillwaiting for some details to be ironed out.2. The way the IRS taxes cryptocurrency makeswidespread adoption of certain cryptocurrenciesas a medium of value exchange unrealistic,especially when we start talking about things likemicro payments. The number one barrier towidespread adoption of crypto as a digitalcurrency is the tax compliance nightmare thatcomes with transacting in crypto. It is expensiveand time consuming to report everythingproperly.3. There is no simple way to aggregate andstandardize cryptocurrency activity across multiple exchanges and wallets. It is especially difficult to produce reliable gain/loss reports for tax reporting when multiple exchanges, wallets and coins are present. The fact that some exchanges shut down and deny users access to historical reports makes reporting very difficult. There are some options out there that can help with this, but it is not something the average person can figure out on their own.


The future will largely be defined by the taxation of cryptocurrency. Imagine having to report a taxable transaction every time you use the US dollar to purchase something. Most people purchase several goods or services a day, which would be thousands of reportable transactions each year, on top of your other tax reporting obligations. This simply isn't feasible for the average cryptocurrency user but that's how the tax code tells us to treat the use of crypto to purchase goods or services. If we continue down that path, I just don't see widespread adoption of cryptocurrency as a way to replace physical fiat currencies.

However, I do think we have enough smart people who can come up with a sensible solution and allow us to continue to innovate and grow. Crypto and blockchain technology simply offer too much promising upside in order for us to stifle it with unrealistic tax policy, but it will be interesting to see how it plays out over the next couple of years.


pg51

Curt Mastio / Founder's CPACrypto Accounting Expert Series

Next Up: Gary J. LaRoy >

https://twitter.com/founderscpa

https://www.linkedin.com/in/curt-mastio-cpa-34745114/

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?I began to offer crypto resolution and tax preparation services in January of 2019. I offer both resolution work and reporting, as well as full service tax preparation and reporting.

What was your journey into cryptocurrency like? What initially caught your attention and why?As a tax professional, I try to anticipate new trends within my industry. I became aware of the challenges and opportunities of crypto taxation late in 2018, and began an intensive process of learning everything I could about the tax issues and consequences of crypto at that time.

Gary J. LaRoypg52


The biggest mistake I see is the lack of understanding of the power of the IRS to identify crypto traders, and to aggressively pursue those who fail to report their transactions. The second mistake I have observed is the myriad of exchanges that individuals use, and the ability to get accurate reports of all of their crypto activities. The third mistake I have observed is the lack of routine tracking of assets to make sure the accounting is accurate.


The main challenge with crypto accounting is the lack of standardization in the reporting of crypto transactions. While the major exchanges are quite easy to download and report, many of the lesser exchanges are not as predicable in their reporting schemes. The second challenge is on the user end. Many of the crypto traders fail to understand the various sources of revenue they receive and the reporting requirements of each. Finally, while the two-factor security processes of most of the exchanges are quite good at securing the data for their clients, they make it difficult for the tax accountant to extract the data apart from the live interaction of the client. It would be preferable is the exchanges could provide a one-time key that would allow the tax professional to extract the information they need, without needing the two factor-verification.


Crypto accounting will grow to be a mainstream activity within the next three to five years. It is a highly specialized activity at the present. However, as the industry matures, it will become more standardized.


pg53

Gary J. LaRoy / TaxProEZCrypto Accounting Expert Series

Next Up: Joshua V. Azran >

https://twitter.com/taxproez

https://www.linkedin.com/in/garylaroy/

When did your firm begin offering crypto accounting as a service? What specific services do you offer to crypto clients?Our first exposure to crypto was during the 2010 tax season when clients began asking about this new asset which they had. Nobody really had any answers at that point. Most of our clients were still simply accumulating. We offer full crypto tax

What was your journey into cryptocurrency like? What initially caught your attention and why?Our firm has been focused on startups since our inception nearly a decade ago. We began being exposed thanks to bleeding-edge clients, mainly tech people who got involved with bitcoin very early, from simple transactions, to mining and trading. What really caught my attention was several years later when larger accounting software companies we advise started dedicating resources.

Joshua V. Azranpg54


The biggest mistake is thinking it is not taxable. The second biggest mistake is thinking it is anonymous and that the IRS and other relevant agencies do not have a method and the means to track it. The third mistake is thinking that it is easy enough to handle tax and accounting without significant preparation and background.


and blockchain accounting solutions to clients ranging from high-frequency individual traders to crypto exchanges, to blockchain companies who are involved in ICOs, STOs, SAFTs, and IEOs, both domestic and international.

The first two challenges are combined. Accuracy and availability of data. Though it seems like a foregone conclusion, data is not always accurate when working with crypto tax and accounting. Worse, due to a variety of reasons, it's often not available or at least readily available. Finally, volume. Beyond anything else, crypto tax and accounting lead to volume constraints for many systems currently available.


Automation is the future. Crypto is the perfect test case and use case for fully automated, auditable, verifiable, and finally passive, accounting. As software gets better, and as the purpose-built blockchains continue to develop, we will see blockchain in some ways becoming a panacea for accounting and finance professionals.


https://twitter.com/thestartupscpa

https://www.linkedin.com/in/jazran/

List of Sourcespg55


Back to Cover

Blox would like to give a special “thank you” to all of the companies, professionals and experts that took the time to provide their insights, experience and expertise.

As cryptocurrency becomes a more common asset in everyday life, more firms will learn to help individuals and businesses navigate the crypto waters. These firms are some of the first to do it, and their early experience in crypto makes them ideal partners for anyone looking for assistance now or in the future.

Aprio Advisors As a premier, CPA-led business advisory firm, Aprio delivers advisory, assurance, tax and private client services to build value, drive growth, manage risk and protect wealth. With proven expertise and genuine care, Aprio serves individuals and businesses, from promising startups to market leaders alike.

Name: Jagruti Solanki, Partner, Title: Partner, Technology & BlockchainTwitter: @jagrutisolankir, @AprioadvisorsLinkedin: https://www.linkedin.com/in/jagruti-solanki-11825810

Armanino LLP Blockchain technology offers businesses in many industries the opportunity to increase trust among customers, vendors and third-parties, by enhancing the accountability and effectiveness of how they currently transact – recording transactions in a shared, transparent, secure and immutable manner. Armanino is your partner to bridge the gap between the idealistic potential of blockchain and the reality of your daily operations.

Name: Jeremy NauTitle: Digital Assets & Blockchain Manager, Armanino Twitter: @ArmaninoBlockchain

Expert Responses

https://twitter.com/jagrutisolankir

https://twitter.com/Aprioadvisors

https://www.linkedin.com/in/jagruti-solanki-11825810

https://twitter.com/armaninollp

List of Sourcespg56


Azran Financial Azran Financial views every client relationship like a partnership. We believe that OUR success is a result of YOUR success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience, and financial acumen. There is no firm more qualified for all of your accounting needs.

Name: Joshua V Azran, CPA/ABV/CFF, CMA, CGMA, CFETitle: Azran FinancialTwitter: @thestartupscpaLinkedin: https://www.linkedin.com/in/garylaroy/

Friedman LLPOur industry-focused practice features concentrated areas of expertise and understanding of the economic environment. We have the ability to be innovative in our approach, act quickly in our decision-making and be flexible in our delivery of services. Our clients benefit from hands-on contact with our partners, cutting-edge technical expertise and our understanding of their industry and their business.

Name: Steven Baum, CPATitle: Principal, Friedman LLPTwitter: @blockchainbaumLinkedin: https://www.linkedin.com/in/steven-j-baum-cpa-183a7642/

JFDI Accountants JFDI currently focuses on providing outsourced accounting and human resources services to the emerging markets sector. JFDI truly creates a high end back-office solution that helps the client save time, reduce costs and maximize profits.

Name: Amir MarmarTitle: Founder & CFO, JFDI AccountantsTwitter: N/ALinkedin: https://www.linkedin.com/in/amir-marmar-20b76726

Back to CoverExpert Responses

https://twitter.com/thestartupscpa

https://www.linkedin.com/in/jazran/

https://twitter.com/blockchainbaum

https://www.linkedin.com/in/steven-j-baum-cpa-183a7642/

https://www.linkedin.com/in/amir-marmar-20b76726/

List of Sourcespg57


BPMA full-service accounting and consulting firm, BPM doesn’t just do crypto — but it does that, too. With 40 partners and a top-five ranking in the Bay Area, BPM offers services for exchanges, risk and investment management, alternative lending, payment processing, and everything in between.

Name: Mark LiTitle: Audit Partner, Blockchain and Digital Assets Practice LeaderTwitter: N/ALinkedin: https://www.linkedin.com/in/mark-li-66bb858/

Cohen & Company LTDCohen & Company has developed one of the leading cryptocurrency audit and tax practices in the country, with more than 100 professionals providing in-depth expertise related to digital assets, initial coin offerings (ICOs) and crypto exchanges. Full integration with our nationally recognized Investment Industry Services team has enabled us to develop specific, tailored procedures for the audits of cryptocurrency funds.

Name: Michelle Chopper, CPATitle: Director, Audit & Advisory, Cohen & Company LTDTwitter: https://twitter.com/CohenCPALinkedin: https://www.linkedin.com/in/michelle-chopper-cpa-575b2434/

Name: Will Coleman, CPATitle: Director, Technology Advisory Services , Cohen & Company LTDTwitter: https://twitter.com/CohenCPALinkedin: https://www.linkedin.com/in/will-coleman-602948163/


https://www.linkedin.com/in/mark-li-66bb858/



https://www.linkedin.com/in/michelle-chopper-cpa-575b2434/

https://www.linkedin.com/in/will-coleman-602948163/

List of Sourcespg58


Crypto Tax AdvisorsFounded by a former Big Four senior tax manager, Crypto Tax Advisors helps both investors and accounting firms understand the ins and outs of crypto trading and taxation. This firm doesn’t just help crypto traders file taxes — it can also help businesses structure their operations to maximize savings. Tax professionals can consult Crypto Tax Advisors to learn how to help their own clients with crypto.

Name: Sharon Yip Title: Founder, Crypto Tax Advisors, LLCTwitter: https://twitter.com/cryptotaxadvice

Blockchain Tax PartnersBlockchain Tax Partners is a San Francisco-based management and consulting firm focusing on Blockchain, cryptocurrency, and cross-border tax planning.

Name: Nick CertasuoloTitle: Managing Partner at Blockchain Tax PartnersTwitter: N/ALinkedin: https://www.linkedin.com/in/nick-cerasuolo-95835650/

Pythagus, LLCMore than an accounting firm, Pythagus brands itself as a financial management company with a deep background in crypto. Acknowledging how little guidance the IRS provides for crypto investors, Pythagus helps individuals and businesses with accounting, reporting, and compliance. This company accepts crypto payments and owns coins in multiple wallets, so clients know they’re working with someone who walks the walk.

Name: Rebecca SamuelsTitle: Crypto Accounting & Auditing Consultant, CPA at PythagusTwitter: No twitter Linkedin: https://www.linkedin.com/in/rmsamuels/



https://www.linkedin.com/in/nick-cerasuolo-95835650/

https://www.linkedin.com/in/rmsamuels/

List of Sourcespg59


JAG CPAs & Co.As a firm dedicated to entrepreneurial growth and client success, JAG CPAs & Co. wants to help more entrepreneurs realize their dreams. In crypto, that means helping everyone from small-time investors to crypto startup founders. As one of the few firms able to help ICO clientele, this company’s simple, no-nonsense approach and fixed price agreements make collaboration easy.

Name: Shehan ChandrasekeraTitle: Co-Founder, JAG CPAs and Co. Twitter: https://twitter.com/shehan1212 Linkedin: https://www.linkedin.com/in/shehan-c-64343b56/

Harp LawPeople deep in the cryptocurrency world need lawyers who understand their unique positions. Harp Law not only offers tax compliance and reporting services but also contract assistance for developers and service providers, social media influencer agreements, and advertising. For any matter involving crypto law, Harp Law has the experience to tackle the challenge.

Name: Hadi Harp Title: Founder, Principal Attorney, HARP LawTwitter: https://twitter.com/lawharp?lang=en Linkedin: https://www.linkedin.com/in/harplaw/

Founder’s CPANot many accounting firms operate with the same tech-forward, entrepreneurial approach that Founder’s CPA takes. Focused exclusively on startups and small businesses, this firm runs an expert blog that walks crypto lovers through the shifting world of crypto taxes (as well as other small business concerns). Founder’s CPA’s niche approach allows it to provide deep, expert guidance in the startup and crypto arenas.

Name: Curt MastioTitle: Founder, Founder's CPALinkedin: https://www.linkedin.com/in/curt-mastio-cpa-34745114/ Twitter: https://twitter.com/founderscpa?lang=en


https://twitter.com/shehan1212

https://www.linkedin.com/in/shehan-c-64343b56/



https://www.linkedin.com/in/curt-mastio-cpa-34745114/

https://twitter.com/founderscpa

List of Sourcespg60


Crypto Tax Pro EZCrypto Tax Pro EZ helps crypto investors of all stripes handle their reconciliation reports and tax preparation. Specializing in cases where investors may be a bit behind their obligations to the IRS, this company begins every client engagement with a thorough analysis of previous returns to identify potential problems. With the past settled, Crypto Tax Pro EZ helps clients develop strategies to minimize future liabilities.

Name: Gary J. LaRoy, EATitle: Tax Resolution and Management Professional, TaxProEZTwitter: https://twitter.com/taxproez?lang=enLinkedin: https://www.linkedin.com/in/garylaroy/

Camuso CPAMore than a tax preparer, Camuso CPA wants to help clients take a proactive approach and gain long-term perspective about their crypto accounting needs. With ongoing business support, Camuso clients can feel confident that they are not only in compliance but positioned for continued success. Thanks to a deep network of connections in cryptocurrency circles, Camuso staff an expert team with a unique perspective on crypto accounting.

Name: Patrick CamusoTitle: Owner, Camuso CPATwitter: https://twitter.com/PatrickCamuso?lang=enLinkedin: https://www.linkedin.com/in/patrickcamuso/


https://twitter.com/taxproez

https://www.linkedin.com/in/garylaroy/

https://twitter.com/PatrickCamuso

https://www.linkedin.com/in/patrickcamuso/

List of Sourcespg61


Global Expat Advisors American businesses operating overseas file taxes, too, and Global Expat Advisors wants to help. With extensive experience in offshore business accounting, this firm understands how to help business clients keep more of their cryptocurrency without falling into hot water with regulatory bodies. Because offshore accounts already fall under extra scrutiny, Global Expat Advisors works to ensure clients from average traders to high-volume miners stay compliant.Vincenzo Villamena - globalexpatadvisors.com.Name: Vincenzo VillamenaTitle: Founder/CEO & Lead CPA, Online TaxmanTwitter: https://twitter.com/onlinetaxman?lang=en Linkedin: https://www.linkedin.com/in/vincenzo-villamena-7055815/

Virtual Tax Inc.Individuals and businesses anywhere in the country can lean on Virtual Tax Inc. for cryptocurrency accounting help. By keeping everything online, simple, and efficient, this firm guides both fledgling investors and savvy crypto experts through the pitfalls of tax compliance. Virtual Tax Inc. serves mostly smaller clients, providing the personalized help that the unique crypto industry needs.

Name: Wendy Coggins - Virtual Tax IncTitle: Senior Tax AccountantTwitter: N/ALinkedin: https://www.linkedin.com/in/wendy-coggins-ea-54b977144/


https://twitter.com/onlinetaxman

https://www.linkedin.com/in/vincenzo-villamena-7055815/

https://www.linkedin.com/in/wendy-coggins-ea-54b977144/

Thank you from Blox.io!pg62


Blox is an industry-leading platform that provides crypto tracking, management, and accounting solutions for professionals and businesses. Established in 2017, the company is headquartered in Tel Aviv, with offices in Shanghai, San Francisco, and Gibraltar. Customers of the platform include industry giants such as eToro, Zilliqa, 0X, Beam, eToro, and thousands of global users. Blox’s API technology is helping to empower businesses and professionals with the best productivity tools to manage all their crypto transactions, portfolios and assets. Start for free today, or visit at Blox.io.

For press, marketing or business development opportunities, please contact any of the following Blox executives:Michael SoussanMarketing & Communications [email protected]

Erez HalperinDirector of Business [email protected]

For any other inquiries, please contact:Yuval MichaeliDirector of [email protected]

mailto:[email protected]

http://blox.io

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