Episode 36 | Pat White from Bitwave on Institutional Adoption of Digital Assets & Compliance

If you have the intention to run your business on crypto, the traditional back office operations stack won’t make the cut. Your current processes around your invoicing and payments, accounting and reporting, tax compliance and treasury management requires an overhaul to remain compliant and mitigate the risks involved. The transition to having crypto on your balance sheet thus requires establishing a new workflow for running your operations and getting your team upskilled. To discuss how companies can redesign and thrive in the era of digital assets, I spoke to Pat White, the CEO and Founder of Bitwave. Bitwave empowers enterprises to streamline all of their back office crypto operations & remain compliant by providing a platform for their bookkeeping, treasury management, AR/AP tooling and DeFi support. Topics covered; Pat’s story with blockchain and founding Bitwave (2:46) Reasons why companies with different profiles are adopting crypto (6:39) Digital Assets Maturity Model (DAMM) by Bitwave (14:21) How to run your business on crypto in 30 days (17:11) What is Bitwave , and its accounting & tax sub ledgers (21:32) When should a company consider using Bitwave (27:04) Considerations to have in mind when transitioning from fiat payments to crypto payments on a compliance perspective (28:05) Where should AICPA publish more guidance on crypto accounting (33:53) Biggest black hole in crypto accounting is DeFi (L1 to L2, bridging, wrapping) (35:21) How to upskill accountants for crypto accounting (37:49) Brought to you by Request Finance - an all in one platform to manage and track invoices, salaries & expenses in crypto. 👉 Earn $10 in REQ tokens when you sign up using promo link at theaccountantquits.com/request Review If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. Website For show notes and past guests, please visit theaccountantquits.com/podcast/ Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits