Bitwave Enhances Compliance Tracking for Digital Assets
Bitwave Enhances Compliance Tracking for Digital Assets
Bitwave, a prominent enterprise finance platform for digital assets, has unveiled a significant update aimed at empowering businesses to effectively manage compliance with the latest IRS regulations. With this update, Bitwave has broadened its segregated inventory tracking capabilities available to all its customers at no extra cost.
The IRS has introduced new rules affecting how digital assets are tracked and reported. Starting from January 1, 2025, tracking the cost basis of digital assets must occur on an account-level basis — meaning each wallet or exchange account must be monitored separately. This new requirement marks a pivotal shift away from the previous practice of universal wallet accounting.
Bitwave’s cost basis tracking has been an indispensable feature for businesses handling digital assets. It was previously part of the Bitwave Advanced Accounting module but is now integrated into the Bitwave Core services, providing easier access to all customers.
Pat White, the CEO and Co-Founder of Bitwave, expressed enthusiasm about the update: "At Bitwave, we've always emphasized equipping our customers with the tools to navigate evolving regulatory standards. By making our account-level tracking functionality widely available, we ensure our clients can achieve compliance seamlessly and securely."
Key Features of the Update
The introduction of account-level tracking presents several advantages, including:
- Effortless Compliance: Businesses can now track the cost basis for each individual wallet, supporting adherence to the IRS’s updated digital asset reporting requirements.
- Access for All Customers: The wallet-specific tracking feature is now a core part of the Bitwave service, allowing any customer to utilize this critical tool.
- No Additional Costs: Existing Bitwave clients can leverage this feature immediately without facing any new costs or needing to implement system upgrades.
Staying Ahead of Regulatory Changes
As the landscape for digital assets evolves, Bitwave remains committed to providing innovative solutions that empower businesses to operate confidently and within legal frameworks. This latest enhancement reaffirms Bitwave’s dedication to equipping clients with tools that handle digital asset management, tax tracking, accounting, and regulatory compliance.
Bitwave has established itself as a leader in the digital asset sub-ledger and on-chain finance domain. Its platform is tailored for enterprises and institutions, delivering the reliability and control sought by finance teams today. The automation of on-chain accounting workflows has immensely simplified tax reporting and ensured that businesses remain audit-ready.
About Bitwave
Bitwave is recognized as the premier platform for digital asset management, serving a diverse range of clients, including Fortune 100 companies and innovative projects in the crypto space. The company is committed to enhancing financial operations in the digital economy, ensuring clients have the tools necessary for success.
Contact Information
For further inquiries, you can reach out to:
Kaleb Leija
Director of Marketing
Bitwave
kaleb.leija@bitwave.io
Frequently Asked Questions
What is the main update from Bitwave?
The update includes expanded account-level cost basis tracking capabilities for all customers, simplifying compliance with IRS regulations.
When do the new IRS regulations take effect?
The new IRS regulations regarding digital assets are effective starting January 1, 2025.
What are the benefits of the new tracking feature?
Benefits include easy compliance, availability to all customers, and no additional implementation costs.
Who is Bitwave designed for?
Bitwave caters to enterprises and institutions needing robust solutions for managing digital assets and ensuring compliance with financial regulations.
How can businesses learn more about Bitwave?
Businesses can visit bitwave.io for more information about the platform and its capabilities.
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