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.
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