Recently, TaxBit attended the Chainalysis TraceDC conference in Washington, DC. This event brought together experts and leaders from the law enforcement, regulatory, and national security communities for a two-day deep dive into the intersection of regulatory technology (RegTech) and cryptocurrency. The focus was on investigating and discussing the threats and opportunities in today’s cryptocurrency landscape.
Recently, TaxBit attended the Chainalysis TraceDC conference in Washington, DC. This event brought together experts and leaders from the law enforcement, regulatory, and national security communities for a two-day deep dive into the intersection of regulatory technology (RegTech) and cryptocurrency. The focus was on investigating and discussing the threats and opportunities in today’s cryptocurrency landscape.
The Chainalysis TraceDC Conference
The conference featured an impressive lineup of speakers from across the cryptocurrency industry, including TaxBit’s John Schoenecker, Director of Government Relations and Regulatory Strategy. Other notable speakers included Kimberly McDonough, Criminal Intelligence Analyst at Homeland Security Investigations, and Kevin O’Connor, Chief of Virtual Assets and Emerging Technologies at the Financial Crimes Enforcement Network (FinCEN).
The conference agenda was packed with insightful sessions, case studies, training, and keynotes designed to educate public sector leaders on the future of cryptocurrency. Attendees had the opportunity to network with experts, demo Chainalysis products, and learn about the latest updates to their products.
Key Takeaways
Two main focus areas emerged from the conference: The lack of both access to technology and education for digital asset-related enforcement. As the cryptocurrency environment continues to evolve, the public sector needs access to tools and services that support its mission and are able to adapt alongside policy, technology, and threat actors. There is also a need for more education about the ever-changing ecosystem that Digital Assets exist in.
TaxBit’s Contribution
TaxBit’s session titled “Wish I Knew Then What I Know Now: How Will Digital-Asset Tax Reporting Change Criminal Investigations?” was particularly enlightening. The session discussed the forthcoming tax-reporting requirements for digital-asset brokers and how these requirements might compare to the existing tax-reporting requirements for banks and stock brokers. The session explored the investigative benefits beyond financial audits and examinations, emphasizing the need for the digital-asset ecosystem to start collecting and retaining significantly more information about customers than it currently does.
The Role of RegTech in Digital Assets
RegTech was another major focus area of the conference. Detection and response were highlighted as two key aspects in which everyone in attendance is involved. The panel discussion titled “Creating, Adopting, and Implementing Regulation: A View from the State Law Enforcement” offered valuable insights into Connecticut’s recent crypto legislation and the challenges involved in its implementation.
The Importance of Education
The session “Frontline Crypto Essentials” was designed to educate law enforcement and government investigators on the essential skills to investigate cryptocurrency-related crime. It covered topics such as cryptocurrency fundamentals, blockchain analysis, and guidance for investigating different types of crypto-related crime.
Introducing TaxBit’s DARTS Product
We at TaxBit were excited to introduce our latest innovation, the Digital Asset Revenue and Tax Suite (DARTS). This pivotal unveiling was a significant moment for us, marking the debut of a tool we’ve designed to revolutionize the way digital asset tax examinations are conducted.
Conference attendees who visited our booth had an exclusive opportunity to experience DARTS firsthand. This platform, purpose-built to assist global revenue agencies with taxpayer examinations related to digital asset activities, offers a comprehensive solution for analyzing transaction data, calculating taxable income, and providing valuable, actionable insights.
The demonstration allowed us to showcase DARTS’ capabilities in aiding the enforcement of digital asset tax compliance. Attendees could witness first-hand its scalability, power, precision, and alignment with government regulations. We were able to illustrate how adeptly DARTS navigates the complex landscape of digital asset tax calculations.
The unveiling of DARTS at the conference was a proud milestone. It allowed us to demonstrate our commitment to bridging the gaps in crypto tax compliance with innovative, cutting-edge solutions. The positive response we received to DARTS underscores the growing need for such tools in the rapidly evolving world of cryptocurrency. We look forward to continuing our work in this exciting field, pushing the boundaries of what’s possible in crypto tax compliance.