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Blockchain and digital asset consulting services

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RSM helps middle market companies as they navigate this exciting, but complex new world
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Blockchains can transform many of Canada’s financial, social and governance systems to make them more diversified, open and equitable. It’s important to remember that all private and public stakeholders communicate about how use this technology to benefit Canadians and build Canada as a leader in blockchain technology. Treatment of blockchain technology, processes and applications requires unique considerations.

What truly differentiates blockchain from other technology solutions is its ability to provide indisputable verification of a transaction. This valuable feature allows for the recording, execution and auditing of transactions as well as automating contracts in real time on distributed ledgers. It can be used for payments, securities issuance, contract automation and data transfers of all types.

RSM accounting and consulting professionals apply deep industry understanding to issues including audit, data and asset custody, technology implementation, operational risk, regulation, taxation and valuation.

Digital assets represent a huge opportunity for growth and innovation in the middle market through employing new, potentially more efficient approaches to payment and settlement. Current governmental uncertainties are preventing this potential from being realized, with a disproportionate, negative impact on middle market companies trying to navigate a complicated and quickly evolving environment. A fundamental requirement to allow for full acceptance of digital assets is to ensure that they are appropriately transparent and auditable, while not imposing undue compliance burdens that would stifle innovation and potentially drive activity to less restrictive geographies. We believe that this can be achieved through a combination of oversight and audits to help investors and entities using service organizations utilize the digital asset ecosystem.

As digital assets expand beyond financial services to gaming, media (NFTs), supply chain (CDBCs) and beyond, this will bring added complexities that must be thoughtfully addressed. The complexities of determining how a digital collectible (NFT of a sports star) or decentralized finance transaction falls under provincial tax guidelines is challenging to most middle market clients. RSM can help you sort through the clutter to find the profitability.

Frequently asked questions

How can financial services organizations effectively integrate blockchain technology?
When integrating blockchain technologies into existing financial services infrastructure, organizations should start with a pilot project—such as automating trade settlements or streamlining client onboarding—to help demonstrate value and minimize disruption. Selecting interoperable blockchain platforms that connect securely with legacy databases and transaction-processing engines can support smoother integration. RSM advisors can help organizations assess and implement potential solutions.
What internal controls should organizations implement to manage digital assets?
Digital assets are controlled through cryptographic private keys. Loss, theft or unauthorized access to them can result in irreversible loss of assets. Internal control frameworks should address private key management and storage, reconciliation of on-chain balances with internal records and access controls over digital asset management systems. RSM advisors work to help design and assess internal control frameworks for digital assets, enabling operational efficiency and audit readiness.
What are the accounting implications of digital asset capabilities?
The accounting treatment of digital assets under U.S. generally accepted accounting principles has significant implications for how organizations present and disclose digital asset holdings in financial statements. Other accounting considerations may include revenue recognition for digital asset transactions, the treatment of staking rewards and mining income, and the classification of tokenized assets. RSM helps organizations as they navigate the evolving digital asset accounting landscape.
How can financial organizations meet regulatory requirements for blockchain and digital assets?
Regulatory compliance remains a central consideration for institutions using blockchain technology or digital asset capabilities. Automated compliance monitoring tools that track transactions in real time and flag suspicious activity are key parts of a compliant operating model. These tools should integrate with existing anti-money laundering and know-your-customer systems. RSM helps organizations design scalable compliance programs that address current obligations and anticipated developments.
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