Big Four Accounting Firms Ask Employees to Disclose Cryptocurrency Investments

余YU

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2021-12-27 02:25

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The Big Four are cooperating with the RBI and disclosure is very important.

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The Big Four are cooperating with the RBI and disclosure is very important.

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Deloitte, EY, PwC, and KPMG require their employees and partners to disclose all their crypto investments.
Disclosures should also include family members' investments.

Disclosure is important as these companies are actively engaging with the RBI.

The world's Big Four accounting firms have asked their employees, partners and executives to disclose all cryptocurrency investments made in 2021. Deloitte, EY, KPMG and PwC emphasized that this disclosure should also include the cryptocurrency investments of their family and family members.

In the official disclosure call, the firms defined crypto investing as any investment in crypto assets, NFTs, and DeFi protocols. This disclosure will be part of the company's annual risk assessment process. Deloitte and PwC further clarified requirements on investment size, as employees and partners were told to disclose crypto investments for as little as 10 Indian rupees ($0.1334).

According to a senior partner at one of the firms, the Big Four accounting firms are working directly with the Reserve Bank of India (RBI) and the Indian government on many projects. The Reserve Bank of India has been relentlessly pushing for strict cryptocurrency regulations, even seeking a blanket ban on cryptocurrencies. Therefore, it is important for these companies to evaluate the crypto investments of their partners and executives.

These companies are even telling their employees to stay away from stablecoin investments such as USDT and USDC. All four companies are actively involved in a number of blockchain projects. As such, many of their technical employees and partners have invested in cryptocurrencies to better understand the technology.A young technical partner of one of the companies asked(The Economic Times) revealed, "I bought some cryptocurrencies in order to understand the technology. I have to disclose all the information, and the company actually told me to stay away from those stable coins."

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No regulations against investing in crypto

Despite the strict disclosure requirements of these four companies, none of them have actually prevented or banned crypto investments. Some cryptocurrency investments may be opposed by companies due to regulatory pressure, but they cannot legally prohibit any form of personal investment.