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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.
RSM Canada LLP is a limited liability partnership that provides public accounting services and is the Canadian member firm of RSM International, a global network of independent assurance, tax and consulting firms. RSM Canada Consulting LP is a limited partnership that provides consulting services and is an affiliate of RSM US LLP, a member firm of RSM International. The member firms of RSM International collaborate to provide services to global clients but are separate and distinct legal entities that cannot obligate each other. Each member firm is responsible only for its own acts and omissions, and not those of any other party. Visit rsmcanada.com/about for more information regarding RSM Canada and RSM International.
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