Accounting Giant KPMG Joins Swiss Crypto Valley Association
The Swiss arm of auditing, tax and advisory firm KPMG is joining the Crypto Valley Association as its first Strategic Partner. The Zug-based CVA initiative formed in 2017 to promote development of cryptocurrency, blockchain and distributed ledger technologies in one of the world’s leading financial centers.
KPMG to Chair New Blockchain Compliance and Security Groups
KPMG Switzerland will chair the Crypto Valley Association’s (CVA) groups on tax, accounting and structuring, as well as its new Cyber Security Working Group.
The firm already has a department of specialists looking at blockchain and tokenization, particularly initial coin offerings (ICOs). It has assisted startups both in Switzerland and Swiss-based entities operating abroad in structuring, tax and accounting issues.
Oliver Bussmann, president of the Crypto Valley Association, said KMPG’s professional reputation and experience would be valuable to the initiative.
“We are delighted to welcome KPMG as a Strategic Partner. Tokenization is adding whole new dimensions to taxation and accounting, and developments in these areas will be of crucial interest to our members and startups going forward. As one of the world’s leading firms in tax, accounting and structuring, as well as the associated cyber risks, KPMG has the perspective and expertise to provide useful insight and support.”
The boom in blockchain and cryptocurrency-related activity has seen startups and established companies rushing to join in. However compliance is still a minefield, and regulators worldwide have struggled to deal with concepts like ICO capital raises and semi-anonymous cryptocurrency wallets. Both now potentially deal with the nine-figure USD (or much more) range.
About Crypto Valley Switzerland
Crypto Valley, deliberately named to echo California’s Silicon Valley, is a not-for-profit organization formed in January 2017. Organizers said its mission is “to shape an open, free, and prosperous economy spanning multiple sectors”.
It aims to leverage Switzerland’s position as a financial center with a local interest in innovation, with connections in other finance and tech hubs like Silicon Valley itself, New York, London and Singapore.
The City of Zug itself has performed a handful of Bitcoin-related experiments, taking BTC payments for some municipal services. Switzerland is home to some of cryptocurrency’s better-known projects like the Ethereum Foundation and ShapeShift.
The Lucerne University of Applied Sciences and Arts began accepting bitcoin for course payments in October this year, and Zug-based Bitcoin Suisse has headed a number of initiatives to promote cryptocurrency use in the area.
Will firms like KPMG bring valuable knowledge to this industry? Let’s hear your thoughts.
Images via Crypto Valley Switzerland, Wikimedia Commons