How can accountants make sense of crypto?
In this Insights In Focus episode, we discuss the pros and cons of crypto and its impact on the work of finance professionals.
Blockchain and cryptoassets
Blockchain promises to be a disruptive technology for the accountancy and auditing professions. Based on this revolutionary record-keeping technology, cryptocurrencies such as bitcoin have been grabbing headline attention for over a decade. But the questions of how accountants can work with them – whether advising, recording, or auditing on cryptocurrency and other crypto-assets such as Non-Fungible Tokens (NFTs) – are still being explored. Here we collate useful information and resources on blockchain and cryptoassets.
Need to know
In this section
Features and articles
How to overcome the digital euro challenge
As the digital revolution continues apace, plans for a digital euro offer significant benefits for society. Meglena Grueva looks at the journey from theory to practice.
Cryptoassets: new ICAEW guidance and government consultation
ICAEW’s Tax Faculty has published two TAXguides on the taxation of cryptocurrency. The government is consulting on the implementation of the Cryptoasset Reporting Framework.
FASB issues crypto asset standard
New requirements will create a divergence from the current requirements of IFRS Accounting Standards and UK GAAP.
Maintaining stability in the era of stablecoins
Stablecoins emerge as a prospective form of future money, offering a plausible alternative to traditional fiat paper money and commercial bank deposits.
Helpsheets and guidance
TAXguide 02/2024: Taxation of cryptoassets for businesses
TAXguide covering the UK taxation of cryptocurrency held by businesses including corporation tax, stamp taxes, employment income and VAT.
TAXguide 01/2024: Taxation of cryptoassets for individuals
TAXguide covering the UK taxation of cryptocurrency held by individuals including charges to capital gains tax and income tax.
Virtual assets (ICAEW & IFAC AML – The Basics 7)
Part 7 of ICAEW and IFAC joint series on the basics of anti-money laundering.
Tax and bitcoin sales
FAQ on the tax treatment of the sale of some bitcoin that a client was holding as an investment.
Webinars and recordings
Blockchain webinar 2 slides
webinar slides
Introduction to blockchain and crypto asset taxonomy
A selection of popular questions asked by delegates during this webinar.
Blockchain webinar 1 slides
webinar slides
Blockchain webinar series 2024
Accountants are increasingly coming across crypto assets and as they become more mainstream, it is important to be clear on the fundamentals of what they are and how they operate.
Unravelling the FTX Fallout: Lessons from the Collapse
In this webinar we digest what are the lessons learned about the crypto market and how can crypto businesses and users of digital currencies avoid some of the same pitfalls!
Demystifying the digital pound and CBDCs – an introduction
In this webinar we demystify what central bank digital currencies (CBDCs) are and why central banks are actively considering issuing it and explore the potential pros and cons.
Beyond Bitcoin
This webinar will evaluate the prospects for crypto in 2023 and beyond looking at what's hot and what's not.
Beyond Bitcoin: Cryptoassets and associated tax challenges in 2022
This webinar examines the advancements of the volatile crypto market and NFTs.
Disclaimer: The opinions expressed by external guest speakers in interviews or other publications included on this website are, by their nature, those of the speaker. They are not necessarily fully endorsed by the ICAEW or purport to reflect the official policies and views of the ICAEW or its members.
Industry press
The Library & Information Service provides a hand-picked collection of industry press articles as a benefit of membership. If you are unable to access an article, please see our Help and support or contact library@icaew.com
Blockchain implementation and cybersecurity
The article discusses the items that management teams and management accountants need to discuss, analyse, and stress-test with regard to blockchain implementation and cybersecurity.
Distributed ledger technology: cutting through the paradox
Article discusses how distributed ledger technology (DLT) is expected to accelerate its transformation of the financial services industry but legal and regulatory frameworks for financial services have taken time to adapt. The author argues that it is essential that legal systems grappling with digital assets are mindful of the risks and pitfalls of inconsistency with other legal systems and a consistent application of governing law should be considered.
Coin of the realm
The article discusses the startup firm Worldcoin, particularly its marketing of its cryptocurrency by exchanging the digital currency in exchange for biometric information in several countries. The article describes the scanning process, privacy issues, and Worldcoin's pledge to delete the information following the ability of its artificial intelligence (AI) neural network to detect fraud.
Terms of use: You are permitted to access articles subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.
Useful links
International Standards for Automatic Exchange of Information in Tax Matters
This publication contains the Crypto-Asset Reporting Framework (CARF) and a set of amendments to the Common Reporting Standard (CRS), along with associated Commentaries and exchange of information frameworks (collectively referred to as the International Standards for Automatic Exchange of Information in Tax Matters), as approved by the OECD’s Committee on Fiscal Affairs over the course of 2022/2023.
Blockchain: Legal and regulatory guidance
2nd edition of the Law Society's report on blockchain. Covers a range of key issues for legal practitioners to be aware of when advising on distributed ledger technology (DLT) related matters. Includes the growing types and uses of DLTs and their implications on areas of litigation including smart contracts, data and governance, blockchain consortia, data protection, intellectual property rights, dispute resolution, competition, tax and ESG.
NFTs: Legal, tax and accounting considerations you need to know
PwC report on the 'sparse guidance to date on various legal, regulatory, accounting, and tax issues related to NFTs' (Non-Fungible Token).
Accounting by holders of crypto-assets
EY publication that considers the accounting by holders of cyrpto-assets under IFRS.
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