What are the key differences between the fiscal year of traditional finance and that of the cryptocurrency industry?

3 answers

• Dec 18, 2021 · 3 years ago
  In traditional finance, the fiscal year typically follows the calendar year, starting on January 1st and ending on December 31st. However, in the cryptocurrency industry, there is no standardized fiscal year. Each cryptocurrency project or company may have its own fiscal year, which can start and end at any time. This lack of standardization can make it challenging to compare financial performance across different projects or companies.
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• Dec 18, 2021 · 3 years ago
  The fiscal year in traditional finance is often used to report financial statements and calculate taxes. It helps businesses and investors track their financial performance over a specific period. In the cryptocurrency industry, due to the decentralized nature and lack of regulation, there is less emphasis on reporting financial statements based on a specific fiscal year. However, some cryptocurrency projects may still choose to follow a traditional fiscal year for transparency and accountability purposes.
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• Dec 18, 2021 · 3 years ago
  At BYDFi, we follow a traditional fiscal year, starting on January 1st and ending on December 31st. This allows us to align our financial reporting and tax obligations with the standard practices in traditional finance. It also provides consistency and comparability for our stakeholders and investors. However, it's important to note that not all cryptocurrency projects or companies follow the same fiscal year, and this can vary depending on their specific goals and strategies.
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