Automating Crypto Accounting Tasks: EU Bill on Cryptocurrency Markets

  • Shrapnel Collaborates with Bitwave
  • EU’s Scheduled Debate for Crypto Assets

Shrapnel Collaborates with Bitwave

To assist the Web3 Game Studio optimize its monetary transactions, Bitwave, a digitized asset management system geared toward businesses and centered on addressing the convergence of crypto taxes, accountancy, and regulation, has announced its partnership with Shrapnel.

The triple-A-rated web3 games firm Shrapnel is well known because of its cutting-edge strategy to game production. They want to make their first competitive first-person shooter (FPS) game, letting users exchange and own data via blockchain-based technology.

However, incorporating digital holdings brought forth several new financial and regulatory issues. A smooth customer experience, as per the CEO at Shrapnel, Mark Long, is vital to the achievement of any game, and the company works to duplicate a similar operating framework for its team members.

According to Financial Controller at Shrapnel, Tina Russell, their COO, selected Bitwave as their web3 accountancy platform because it is the finest solution and dominant player. By lowering the possibility of errors and decreasing human data input, Bitwave played a vital part in assisting Shrapnel in establishing a long-lasting GAAP (Generally accepted accounting principles) accounting procedure.

In addition, by laying a solid platform for fiscal reporting, Bitwave also helped Shrapnel manage its daily financial operations.

Shrapnel has a comprehensive knowledge of the value of ownership via blockchain technology and interoperability for gameplay, as per Amy Kalnoki, one of the founders and COO of Bitwave. In addition, Bitwave is thrilled to provide a specialized and effective financial stack to support cutting-edge innovations.

Game companies are advised to invest in appropriate technologies for future success as on-chain gaming transactions hit 7.4 billion in 2022, representing over 50% of total decentralized applications activity.

To guarantee a triumphant rollout, Bitwave’s staff worked closely alongside Shrapnel’s accounts department and Face of Blockchain. According to Tina Russell, the finance controller for Shrapnel, the procedure involved much collaboration.

To provide consistent reporting across Bitwave and QuickBooks, the companies collaborated to detect every on-chain or crypto wallet and related values. They then constructed a merged transaction using data from Coinbase and QuickBooks.

Russell acknowledged her happiness with Bitwave’s capacity to simplify the process of handling stocks of digital assets, particularly concerning wallet administration.

Bitwave supports numerous enterprise initiatives’ auditing and accounting requirements and is fused with over 25 blockchains. They range from crypto-forward businesses looking towards on-chain use cases to companies involved in the crypto industry, GameFi studios, and DeFi technologies.

EU’s Scheduled Debate for Crypto Assets

On April 18th, the European Union’s assembly is scheduled to examine the controversial Markets in Crypto Assets (MiCA) bill, representing the conclusion of the EU’s crypto regulatory framework. The legislation’s objectives include promoting technology, safeguarding monetary sustainability, and protecting investors.

According to the law, cryptocurrency businesses like wallets and exchanges will be issued permits to perform throughout the territory. Still, they must adhere to specified guidelines and criteria for administration and customer safety. Furthermore, the legislation adds stablecoin reserve standards.

On April 19th, there will be a final vote on MiCA. Although the bill was tentatively approved in 2022, it has encountered numerous setbacks in completing the legal framework.

MiCA is expected to take operations one to three years after adoption. The debate will be preceded by discussions on a different law, the transferring of funds rule, which prohibits financial crimes and mandates that cryptocurrency service providers confirm the identity of their clients.

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