Web3 goes Mainstream

9: Crypto/NFT Accounting & Tax 101: It’s Time to Comply – Interview with Damien Jones, Partner & Head of Accounting Advisory Team, EY and Greg Reinhardt, Partner and Head of Tax, Norton Rose Fulbright, Australia

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Cryptocurrency has often been seen as an unregulated environment but, as its use cases move more mainstream, it is clear that there are significant regulatory issues when dealing with crypto. Together with our tax and accounting experts, we will examine the relevant issues when:

  • An organisation buys crypto as part of corporate treasury, ie. to keep it on the balance sheet. Companies like Tesla, Block (Square) and Microstrategy have famously done this to diversify risk. They are now being joined by other organisations, including recently KPMG Canada.
  • An organisation accepts crypto in payment for goods or services. Companies like AT&T in the US have been doing this for a while and there is a trend for companies to be more open to this in Australia.
  • An organisation pays its staff partly/wholly in crypto, such as is being done by Australian tech success story, Finder.
  • An organisation issues crypto tokens to staff as incentives like a traditional ESOP but with tokens. We have recently supported an organisation to do this and, interestingly the token options were valued more highly by the staff than the equity options.

Please join this fascinating session with Damien Jones, Partner & Head of Accounting Advisory Team, EY and Greg Reinhardt, Partner and Head of Tax, Norton Rose Fulbright, Australia

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Web3 goes MainstreamBy Norton Rose Fulbright Australia