Deloitte, one of the “Big Four” accounting group has started focusing on digital currency and blockchain technology. The company seems to have realized that fintech will soon take the blockchain route rather than relying upon conventional systems.
The company is broadening its reach to include digital currency based businesses by expanding its network. In one such recent move, Deloitte joined Australian Digital Currency Commerce Association (ADCCA). ADCCA is the representative group of digital currency and fintech businesses in Australia.
According to the reports, Deloitte will be participating in ADCCA though a working group which will be in charge of creating accounting standards suitable for bitcoin and other digital currency based businesses.
Created along the lines of Australian Payments Clearing Association (APCA), a conglomerate of Australian banks and financial institutions, ADCCA represents cryptocurrency based businesses to the government and cross industry stakeholders. ADCCA also provides the member companies with services and continued support to ensure the implementation of industry’s best practices and compliance to national and international standards. The association also advocates for self-regulatory framework and code of conduct similar to those followed by conventional banking and financial institutions.
According to Deloitte Australia, the company is looking forward to working in this are as Deloitte has been interested in digital currencies for some time now. Entry into ADCCA will provide the company with a great opportunity to get involved in something which has a lot of momentum at the moment. Deloitte will be working on creating the recommendations for the much needed changes in strategy, taxation and regulations of digital currency and digital currency businesses.
Deloitte will be dealing with one of the issues related to taxation of bitcoin exchanges in Australia. Exchanging digital currency classified under services sector and every transactions across an exchange will attract about 10 percent in Goods and Service Tax (GST).
Deloitte’s move to be part of ADCCA is in-sync with the company’s recent announcement regarding its progress in blockchain technology.