Article from Scottish Financial News
Edinburgh-based accountancy firm Steedman has added to its expertise in the blockchain and digital asset sphere by becoming a member of industry trade body CryptoUK.
These moves will enable Steedman to contribute to the development of fit-for-purpose regulatory frameworks and to access and liaise with other industry participants while developing and enhancing their own crypto accounting and consulting offering.
Steedman has developed an expertise in digital asset financial reporting and tax services over recent years and now count the sector as a significant proportion of revenue, having been working for a number of years with blockchain VCTs, crypto start-ups, institutions and individuals. Their focus is now on advising on the adoption and treatment of crypto activity within the UK SME corporate market.
CryptoUK represents businesses across the cryptoasset industry who seek to share best practice, respond to industry developments and help inform regulators and policymakers of the benefits of the industry.
Jason Steedman, managing director, said: “We’ve experienced a surge in crypto and digital asset related enquiries over the last couple of years as its popularity has soared and, now more than ever, people and businesses are reaching out for help in understanding not just the tax implications and the HMRC legislation but generally how to keep track of transactions, access data, navigate the various platforms and build efficient financial reporting systems.
“This growth spans various areas – many people, particularly those who work in blockchain software/tech sectors, are now paid in some form of crypto, and traditional businesses are starting to explore accepting payment in crypto from clients. Mainstream accounting software doesn’t generally handle crypto transactions very well yet but there are numerous other platforms and tools available which do.
“Despite the recent market turmoil, crypto activity in general continues to grow in popularity in the UK at a corporate and individual level and we are seeing a large scope of work developing for specialist accountants, analysts and consultants to get involved with.”
Read the article in Scottish Financial News here.