Crypto’s grisly underbelly: CanYa develops own accounting software after finding itself in a compliance “hole”

Australian blockchain marketplace startup CanYa is in the midst of developing its own cryptocurrency-specific accounting software after finding itself in a “accounting and compliance hole” after its initial coin offering (ICO).

CanYa offers a blockchain-powered services marketplace where individuals (such as gardeners and crocodile wrestlers) can offer up their services and receive payment in cryptocurrency — either mainstream coins like Bitcoin or Ethereum, or CanYa’s own CAN token.

The startup raised a whopping $12 million — or roughly 12,000 in digital currency ether — in an ICO in January, making it Australia’s second largest ICO (for now) and providing the funds to skyrocket the company’s growth.

But in the wake of the capital raise, CanYa co-founder John-Paul Thorbjornsen says the team is struggling through a number of compliance issues related to record-keeping and paying their employees.

While these issues sound part and parcel for a Corporations Act-compliant, rapidly scaling startup battling growing pains, the murkiness increases tenfold when cryptocurrency is thrown into the mix. Read more

Dominic Powell - Smart Company - 16 Feb 2018