New EY CAAT Technology Expedites Cryptocurrency Reporting and Compliance
Last Monday, one of the “Big Four” accounting firms in London, Ernst & Young LLP, announced the dinghy of the EY Crypto-Asset Accounting and Tax (CAAT) tool, a technology solution that facilitates accounting and tax calculations for cryptocurrency transactions. The moored explained that the tool could be used either by institutional clients that have crypto-assets on their steady sheets or individual clients who trade such assets on a smaller scale. Michael Meisler, partner and EY Global Blockchain Tax chairman, said:
“The initial validation we have received from the market has been phenomenal, but it only represents the beginning (…) EY virtuosi and clients alike are eager to leverage this technology. EY CAAT is the hallmark of our efforts in crypto-assets and blockchain from a Tax position globally, and we will continue to work hard to make it the product of choice for EY clients.”
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TrueUSD Stablecoin to Add ‘Proper Time’ Monitoring of Dollar Backing
Yesterday, TrustToken has announced a new partnership with the accounting firm Armanino that reportedly force allow traders using its regulated stable coin, TrueUSD (TUSD), to have a “real-time” view of the U.S. dollars sponsorship the token. According to the announcement, Armanino has developed a dashboard that provides a third-party view of TUSD in circulation and their coupled collateralized fiat funds by being connected with the escrow bank accounts holding TrustToken’s U.S. dollar collateral, as luckily as running ethereum nodes to monitor TUSD supply. TrustToken co-founder, Rafael Cosman, stated:
“This jot downs a new standard not only for stablecoins, but for all tokenized assets in the future. With real-time confirmation of funds provided by one of the world’s best accounting firms, traders will know at all times that their tokens are backed by real-world value.”
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Futures Trading Nears $1 Billion in First Month at Kraken Crypto Exchange
Cryptocurrency tomorrows provider, Crypto Facilities, as seen an exponential increase of their futures trading volume since last month when it was won by Kraken for $100 million. Sui Chung, the subsidiary’s head of indices and pricing products, explained that the trading aggregate has increased more than 500 percent and in total nearly $1 billion in crypto futures has been traded across all five results offered by the firm: bitcoin, ether, XRP, litecoin and bitcoin cash. Chung commented on the acquisition’s impact:
“On average [looking at] the five hours before the announcement and five days after, the liquidity for our contracts increased by over 200 percent and some of the paltry [coin] contracts increased by over 1,000 percent.”
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