Japanese Firms Jointly Launch Corporate Crypto Accounting Tool

tax	2018-8-3 18:05

Cryptolinc Co. Ltd, which develops and provides cryptocurrency management and calculation systems, and Miroku Information Service Co. Ltd, a financial and accounting system management and information service, have jointly created a crypto corporate accounting tool for corporate cryptocurrency accounting.

Also Read: Japan Tax Agency Says Individuals Earning $1,800+ in Crypto a Year Will Declare Tax

Cryptolinc Corporate Accounting Shares Data in Collaboration with Accounting Firm

Through a collaboration, cryptocurrency transaction data will be incorporated into the financial and accounting system of Miroku Information Service, enabling an appropriate and complicated accounting process to be carried out smoothly, the companies explained in a statement.

By realizing a seamless data linkage with an API connection to Cryptolinc Corporate Accounting, the software should drastically help accounting companies to process corporate tax returns for cryptocurrency transactions, which are expected to increase in the near future.

Transaction Data to Be Collected From Each Exchange

“Cryptolinc Corporate Accounting beta version can prepare an income and expense calculation after uploading transaction data from each cryptocurrency exchanges,” the companies said in a joint statement. “[It] can capture data and insert it into an accounting software, such as the one Miroku Information Service provides. This is the first tool for corporate cryptocurrency accounting in Japan.”

With the crypto market having expanded rapidly in Japan, by March of this year the ASBJ, (Accounting Standards Board of Japan) issued the Practical Solution on the Accounting for Virtual Currencies under the Payment Services Act, which attracted everyone’s attention to accounting issues for crypto. However, calculating expenses and losses in virtual currencies is extremely complicated and takes a lot of time. Many accounting firms and corporate accountants are struggling to respond to such demand.

“We focus on accounting of cryptocurrency transactions and we publicize them. When calculating income and expenses in crypto, it is difficult to calculate the difference between profit and loss, many accountants are struggling to respond to that,” Cryptolinc said.

What the software offers is management of transaction data collected through multiple crypto exchanges in a centralized way, and easy calculation of income and expense. Accounting data and results are collected by Cryptolinc Corporate Accounting, and in accordance with Japanese accounting standards, the data will be incorporated into the financial and accounting system of Miroku Information Service in a way that will allegedly satisfy tax compliance, enabling appropriate accounting and tax filing.

What do you think of corporate accounting firms using data shared by crypto exchanges? Share your thoughts in the comments section below.

Images courtesy of Shutterstock and CryptoLinc Ltd. Co.

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