Edinburgh-based accountancy firm Steedman has become a member of industry trade body CryptoUK.
This means the business will to contribute to the development of blockchain regulatory frameworks, while developing its own crypto accounting and consulting offering.
Steedman has built up expertise in digital asset financial reporting and tax services over recent years and now counts the sector as a significant proportion of revenue, having been working for a number of years with blockchain venture capital trusts, crypto start-ups, institutions and individuals.
Its focus is now on advising on the adoption and treatment of crypto activity within the UK corporate market.
CryptoUK represents businesses across the crypto-asset industry which seek to share best practice, respond to industry developments and inform regulators and policymakers of the benefits of the industry.
Steedman managing director Jason Steedman said: “We’ve experienced a surge in crypto and digital asset related enquiries over the last couple of years, as its popularity has soared.
“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.”
He explained that many people, particularly those who work in blockchain software and tech sectors, are now paid in some form of crypto, so traditional businesses are starting to explore how to accept 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,” said Steedman.
“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.”
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