In a recent report from payment processor Square, Inc. they asserted that a lack of guidance in the largely untested waters of accounting for cryptocurrency transactions may affect how their financial performance is reported. Citing the possibility of having to restate financials later, if future guidance is contradictory to their current approach.
Also at issue is the mechanisms for which payment processors exchange currency pairings. The possible risk is that regulatory pressure could be applied if their operations are determined to be brokering or advising – services that could possibly open the doors to state or federal regulator scrutiny. For the full article, Click Here.
Torrey & Gray is a recruiting and staffing firm in Chicago that places both temporary and full time accounting and finance related professionals in the emerging cryptocurrency and blockchain technology industry.