11-Feb-2022 Accounting for Voluminous Cryptocurrency Trades
tax-compliance cryptocurrency trades crypto assets accounting
PROBLEM:
An Estonian cryptocurrency firm carried out a huge volume of algorithmic trades in multiple exchanges and pairs of crypto assets. They needed support in building the accounting statements for these transactions and submit to various authorities. Also to do the tax compliance as they were the US exposed.
SOLUTION:
APMH Accounting team created an accounting manual after understanding the Business complications. Basis this, the tech team worked with SQL and python to summarise the huge database into a profit and loss statement. Post this the in-house client team was guided to take up the accounting in-house and validation was done by the APMH tech team. Now the client is using APMH service for their next level structuring and related advisory. APMH continues to support clients for their structuring, accounting, tech bases analytics, and tax for the crypto assets stakeholders. Post Union Budget 2022, this is has become more relevant in the Indian context as well.