National-ranking audit, tax and advisory company WithumSmith+Brown PC (Withum) announced in a press release CoinReport received from CMM Strategic Communications, Withum’s PR company, the creation of a Digital Currency and Blockchain Technology Services Group.
The newly created extension of Withum’s Technology Services Group will address the unique challenges presented by blockchain technology, digital currencies and digital assets, with the team offering a deep level of knowhow to a varied client base engaged in and getting involved in the new alternative asset class.
The new group’s partner and team leader, Chris DeMayo, said in the press release we received, “Blockchain technology and the rising use and influence of digital assets/tokens are not a passing trend, they are becoming part of the fabric of our technology community and the possibilities of their impact and disruptions across all industries are unlimited. We are embarking into a new era that can permanently and dramatically change how we do business.
“Cryptocurrencies and blockchain technology pose highly unique challenges, from technology to accounting and regulatory issues – all of which our experienced, forward-thinking team is uniquely prepared to address on a client-by-client, industry-by-industry basis.”
DeMayo is leading a team of 12 specialists. They include Ryan Babiak, partner; Deep Gujral, principal; Joe Murray, manager; Carl Scheuten, partner; among others.
The firm also is a member of, or recognized by, many top industry groups including the Wall Street Blockchain Alliance and the Accounting Blockchain Coalition, which was founded to promote best practices in navigating accounting issues connected to digital assets.
According to DeMayo, the private and public sectors involved in blockchain vary.
“From hedge funds with a crypto strategy to entities designing and executing Initial Coin Offerings, or ICOs, as well as investors trying to navigate the tax implications of crypto, the digital currency world is being embraced by almost every industry and even governments,” he said. “Many large corporations are trying to harness blockchain’s full potential because there is no doubt it will shape the future of payments, given the current climate,” he said.
Image via press release