NEW YORK – August 7, 2018 – A chart of service providers seeking to assist charitable organizations in the receipt of cryptocurrency donations has been released by The Regulatory Fundamentals Group LLC (RFG) and DMS Governance (DMS). The chart includes a detailed list of crypto-asset service providers who have indicated an interest in helping charitable organizations to accept, as well as to monetize, donations of cryptocurrencies.
Deborah Prutzman, the CEO of RFG, notes that "Large U.S. charities that are members of the RFG endowment consortium have shown an increasing interest in the acceptance of crypto donations over the past year. Still, a key impediment has been difficulties in obtaining quality service providers. This chart will assist charitable organizations as they seek to expand their donation base by simplifying the process of identifying potential service providers and—most importantly—in many instances providing contact information for a service representative who is focused on the endowment space."
Concurrently with the release of the service provider guide, RFG is releasing to its consortium members a white paper that discusses selected accounting, tax, regulatory, contractual and policy considerations that arise for a charity and donor when contemplating a gift of Bitcoin, Ethereum Ripple, Bitcoin cash, and Litecoin (the top five cryptocurrencies by USD market cap). This white paper is the first of two highly anticipated white papers involving crypto assets that RFG has developed this year. The second white paper will address a broader scope of crypto investment issues in further detail and will be available to consortium clients in the near future.
John D'Agostino, Global Leader, Investor engagement of DMS Governance, who assisted in the production of the white papers, notes, "Despite their volatility and regulatory uncertainty, these assets have built and will likely maintain significant economic value, some percentage of which will circulate via philanthropy. It's crucial that non-profit institutions understand how to work with these assets so this value can accrete to these good causes in an efficient and compliant manner."
RFG helps clients proactively understand regulatory and legal issues (and solutions) that arise from engaging in investment activities. RFG represents clients that have more than $100 billion in assets under management, including a consortium of the nation's leading endowment investment offices. RFG advises clients through its weekly newsletter, white papers, webinars, and semi-annual programs, as well as through its online knowledge management portal. For more information, visit www.RegFG.com.
About DMS Governance
DMS Governance is the worldwide leader in fund governance + risk + compliance representing leading investment funds and managers with assets under management exceeding $350Bn. DMS is a global 2 institutional firm that excels in delivering high-quality services across a diverse range of investment fund structures and strategies. We are proud to be the leading independent provider of AIFM, UCITS Management Company and MiFID services to many of the largest institutional investors and asset managers globally. For more information, visit www.dmsgovernance.com.