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KPMG, one of the Big Four accounting firms, has formed a strategic alliance with Cryptio, a crypto accounting software provider, to help US crypto firms comply with Generally Accepted Accounting Principles (GAAP). This partnership aims to enhance internal controls and streamline digital asset accounting practices.
Brian Consolvo, technology risk principal at KPMG, highlighted the collaboration’s role in meeting regulatory obligations. He emphasized the necessity of strong accounting and reporting practices for digital assets. Antoine Scalia, CEO of Cryptio, noted that their alliance sets a standard for regulated institutions adopting digital assets, aiding in regulatory reporting and audits.
KPMG’s recent survey shows rising institutional interest in crypto, with nearly 40% of institutional investors having exposure to crypto assets in 2023, up from 31% in 2021. The survey also found that one-third of these investors allocate 10% or more of their portfolios to crypto, driven by market maturity and better custody infrastructure.
