Professional services company Deloitte has partnered with an Australian digital currency trade group to develop new accounting guidelines for businesses that handle bitcoin.
According to a report by Australian business news service iTnews, Deloitte will cooperate with the Australian Digital Currency Commerce Association (ADCCA) as part of a working group focused on accounting and self-regulation standards.
Deloitte Australia partner Jonathan Perkinson told iTnews that "digital currencies have a lot of momentum" and that more work is needed to clarify key tax and regulatory issues.
"With ADCCA, we’ll be working on the strategic, tax and regulatory changes that will need to happen, and we’ll be recommending and challenging specific changes in those arenas," he said.
The news comes after Deloitte told CoinDesk it had spent the last year and a half investigating bitcoin and the blockchain for potential business applications.
ADCCA counts 18 regional businesses as members, according to its website. Founded last year, the group aims to be the key representative for companies working in Australia's digital currency and financial tech ecosystems.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.