Renata Szkoda – Page 4 – Global DCA

Author - Renata Szkoda

Consultation on Financial Action Task Force’s (FATF) Risk Based Approach to Virtual Assets and Virtual Asset Service Providers (VASPs)

“The private sector has stepped up […] on implementation of the Travel Rule across different VASPs and jurisdictions, in particular with regards to the sharing of private account information and Personal Identifiable Information (“PII”) data securely across the globe, and […] have defined and delivered common messaging standards that can be leveraged to provide private and secure transmission of all the required data for use by all VASPs. Examples of these are: OpenVasp2, the InterVASP Messaging standard IVMS1013 , and TRP (the Travel Rule Protocol4 ) and TRISA (The Travel Rule Information Sharing Alliance5). These different protocol implementations now provide a base upon which applications can be built to interchange data in the same manner as different email tools and protocols share data securely on the internet.[…] The net result will be global interchange standards that VASPs and other participants can leverage…” – Global DCA. Read Response Letter

Global DCA Comment Letter to H.M. Treasury on U.K. Regulatory Approach to Cryptoassets and Stable Coins

“Creating a regulatory environment in which firms can innovate, while maintaining the highest regulatory standards so that people can use new technologies reliably and safely is especially crucial as the UK seeks to maintain its leadership position as a global centre of excellence for fintech firms in the digital era and attract and retain investment post-BREXIT. Moreover, the industry participants recognize that the current post-Brexit era may create significant incentives for the UK to take a global leadership role in the development of a regulatory framework that will provide the digital assets industry with clear directives and regulatory requirements, allow for ongoing industry engagement in the evaluation of applications as well as the development of standards, and finally include a data-driven assessment process.” – Global DCA Read Response Letter

Global DCA Comment Letter to FinCEN on Proposed Rule for Transactions in Convertible Virtual Currency and Digital Assets

“While the GDCA fully supports protecting U.S. national security and acknowledges the concerns surrounding unhosted wallets raised by FinCEN, we suggest […]to focus on the source of funds and the concept of “Know Your Customer” during the KYC/AML onboarding and monitoring process instead of focusing on the means and in effect penalizing a specific technology solution that is believed to be utilized by bad actors.  The GDCA questions whether applying extensive reporting, verification and recordkeeping requirements on the holders of self-hosted wallet solutions is the most effective approach to capture illicit activity and suggests that closer consideration should be given to the source of funds and the risk profile of a customer or a counterparty while evaluating transactions in digital assets.” – Global DCA. Read Response Letter

Global DCA Proposal to SEC on Amending the Definition of “Accredited Investor”

“…amending the “accredited investor” definition to more broadly permit professionally qualified or industry certified individuals to participate may better protect investors and the public interest. When investors are well-informed and capable of making sound investment decisions, they are better able to allocate their resources in the market, ensure sound investment decision-making, and contribute to financial sector and economic growth. As such, the benefits of better educated and qualified individuals participating in investment activities may not only provide additional protection to the investors themselves, but may benefit the overall stability of the financial system as well as the broader economy.” – Global DCA. Read Response Letter

JOIN US! Global DCA Accounting & Tax Working Group Meeting – “Proof-of-Stake thru the CFO Lens” February 11, 2022 @ 10 AM ET

Please join us for the next meeting of the Global DCA Accounting & Tax Working Group.  During the upcoming call, we will take a deep dive into the proof-of-stake blockchain validation and staking revenue.  Why do we need staking? What does take to validate proof-of-stake blockchain? A contract with the protocol? Unpacking the concept behind the validation node and staking pools.  Discussion on the accounting and tax treatment challenges and much more.

NOW AVAILABLE – Global DCA 2021 Impact Report – Building the Foundation for Responsible Innovation

This year - 2021 - was a year of intense focus on building a solid foundation for the future of the Global DCA. Using the IOSCO Model for Effective Self-Regulation as a guide, we leveraged global and established practices proven within self-regulatory entities and drew upon long-standing standards and codes of conduct to build a strong system of governance built upon the principles of integrity, accountability and transparency. To this end, the Global DCA 2021 Impact Report details our focus, key achievements from the past twelve months and a preview of organizational strategic orientation for the 2022 fiscal year. As we step into 2022, the Global DCA Membership is energized and committed. As an organization, we are well positioned to build upon the strong foundation we have laid this past year and passionate about our mission as we observe the continued rapid evolution of the next wave of digital asset evolution. We thank our Board, Advisory Board, Members and Affiliates for being part of the first chapter of the Global DCA and we warmly welcome you to be part of the next chapter in our story. Read Impact Report

Global DCA Applauds the US FASB Decision to Advance Digital Asset Research

The Global Digital Asset and Cryptocurrency Association (Global DCA), the digital asset self-regulatory association applauds the decision of the US Financial Accounting Standards Board (FASB) to include digital assets in its upcoming research agenda. CHICAGO, Dec. 17, 2021 /PRNewswire/ -- The Global Digital Asset and Cryptocurrency Association (Global DCA), the digital asset self-regulatory association applauds the decision of the US Financial Accounting Standards Board (FASB) to include digital assets in its upcoming research agenda. The Global DCA has been actively engaged in raising awareness of the need for enhanced standards and guidance around the reporting for digital assets under US Generally Accepted Accounting Principles (US GAAP), and in September initiated an industry-wide effort to engage stakeholders as well as other industry groups in a discussion on these important issues as well as potential solutions. Today, in response to industry-wide feedback provided through the formal Invitation to Comment, the FASB announced that it will be pursuing research into accounting for exchange-traded digital assets and commodities. For additional information please read the full press release HERE.

JOIN US – Jan. 21, 2022 @ 10 AM ET USA – “Tax Considerations for Digital Assets – PART II” – Global DCA Accounting & Tax Working Group Hosted by KPMG

The upcoming session will be presented by Global DCA member firm KPMG and we will be discussing – Tax Considerations for Digital Assets - Part II. This is the second session in a two part series the first of which was featured on January 7th. The second session will follow the below agenda: Welcome Purpose and Intent of Session Case Study Format and Discussion Deep Dive into Key Tax Considerations Interested in participating? Write Chairwoman Renata Szkoda at for more information and the link to participate!

Congratulations to New Global DCA Officers, Board Directors and Committee Chairs!

A thank you to all of our Global DCA Full Members for taking the time to cast their ballots and help welcome our new Board of Directors. Election results were unanimous in favor of the slate presented during our Membership Meeting held on November 5th, 2021: Renata Szkoda (Chair - Full Member - Galaxy Digital) Gabriella Kusz Jenna Wright  (Full Member - LMAX Digital) Noah Baalessanvu (Full Member - CryptoSavannah) Kristin Boggiano (Full Member - CrossTower) David Nuelle (Full Member - Hehmeyer) David Carman (Full Member - Fintank) Independent (Open Seat) Pat Daugherty (Affiliate Member - Foley & Lardner) Tony Pettipiece (Affiliate Member - GRIP (DIFC) Investments) Committee Appointments The Global DCA is proud to welcome our new officers which were unanimously approved during the first Board meeting held on December 2, 2021: Treasurer: Thomas Bakas (RPM Financial Markets Group) Secretary: Bjondi Dervishi This past week the new Board of the Global DCA confirmed the following individuals to lead the four committees of the Global DCA. As a representative body, the Global DCA functions through its four committees to execute on its strategic plan and ensure a member-driven approach to its operations and functions: Conduct & Discipline Committee: Matthew Lisle (Galaxy Digital) Education, Training and Certification Committee: Ayla Kremb (Diffuse VC) Membership Committee: Brett Ladendorf (IASG Fund Services) Public Policy and Regulation: Michael Frisch (Croke, Fairchild, Morgan and Beres) US Advocacy Sub-Committee: Matthew Lisle (Galaxy Digital) and Gabriella Kusz

DeFi-ING EXPECTATIONS: November 10, 2021

With its roots in blockchain technology and peer-to-peer financial transactions, the world of Decentralized Finance (DeFi) is attracting more than just niche investors. Increasingly, institutions are exploring how and in what way they may enhance efficiency, execute transactions more effectively, increase returns on assets, and maximize profits using DeFi. With the proper understanding, risk management and strategic approach, institutions can defy expectations around efficiency, effectiveness, and profitability and take their firm to the next level. TABB Forum and Global DCA are proud to present the DeFi-ing Expectations: Utilizing Decentralized Finance to Drive Institutional Performance Conference Event and VIP Reception series to offer insight on emerging trends, products and applications tailored to the unique needs of the serious institutional investor. Click HERE to view the event recordings! Download PDF