The Innovation of Tax and Accounting in the Digital Asset Era

"There's tens of billions of dollars of uncollected taxes on the crypto side, so hence why you have the Treasury Department and IRS pretty motivated there." - Lindsey Argalas (CEO, TaxBit)

Tax season might be over, but the accounting and tax industry at the intersection of web3 is just starting to heat up.  In this episode,  Ian Andrews (CMO, Chainalysis) speaks with Lindsey Argalas (CEO, TaxBit) discusses the innovative tools and solutions TaxBit offers for both consumers and enterprises in the crypto space, while highlighting the importance of compliance and regulatory clarity.

She discusses the proposed tax and accounting regulations from the IRS and MiCA and the tax implications of real world asset tokenization and the promising developments in accounting standards that benefit companies holding digital assets.

Lindsey also highlights the collaborative work that TaxBit is doing with the IRS to support the complex data that is being obtained for accounting / tax purposes and the company’s partnerships with companies like PayPal and Block.

Minute-by-minute episode breakdown

2 | Lindsey’s early start in crypto at Santander Bank and the delineation between crypto and blockchain

7 | Real-time tax KYC Explainer and new accounting tools and customer insights 

12 | The IRS proposed broker rules and the impact of regulations on digital assets in the EU and US

15 | Understanding the EU regulatory framework and introduction of DAC8 alongside MiCA

18 | International tax and accounting standards and Global Expansion |

23 | The emergence of Real World Asset Tokenization (RWA) and the tax and accounting implications

27 | Collaboration with Government Agencies like the IRS and other Global Tax Enforcement Agencies 

29 | Looking ahead at the web3 industry for 2024 and beyond

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

• Website: TaxBit: Modern Tax and Accounting Compliance
• Blog: Insights & Thoughts about Future Legislation Arising from the 1099-DA
• Blog: Navigating Upcoming Tax Regulation Timelines for the US & EU
• Article: Tokenizing real-world assets: Start small, solve problems, drink milk
• Event: TraceDC (July 16-17) The leading public sector event of the cryptocurrency ecosystem
• Blog: Public Sector Survey Preview: The 2024 State of Cryptocurrency Investigations Report
• YouTube: Chainalysis YouTube page
• Twitter: Chainalysis Twitter: Building trust in blockchain
• Tik Tok: Building trust in #blockchains among people, businesses, and governments.
• Telegram: Chainalysis on Telegram 

Speakers on today’s episode

• Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) 
• Lindsey Argalas (CEO, TaxBit)

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