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Blockchain and cryptoassets

Blockchain promises to be a disruptive technology for the accountancy and auditing professions. Here we collate useful information and resources on blockchain and cryptoassets.

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What is blockchain?

What is blockchain?

Blockchain technologies have the potential to disrupt the work of finance teams – particularly those focused on transactional tasks – by offering a system of universal entry bookkeeping, removing the need for independent verification. Here ICAEW’s Tech Faculty and Deloitte outline the basics of this complex and developing technology.
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How can accountants make sense of crypto?

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.
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Blockchain and the future of accountancy

Blockchain and the future of accountancy

Details on the potential of blockchain, its implications for auditors, how the accountancy profession can lead and what skills are necessary for the future.
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Features and articles

Read our latest features and articles on blockchain.
 
Private law vital for crypto governance, says Master of the Rolls
  • Article
  • 04 Dec 2025
Speaking at an ICAEW event, Sir Geoffrey Vos stressed that robust private law frameworks remain essential for legal certainty and investor confidence in the digital assets market.
The future of crypto regulation: key considerations
  • Article
  • 18 Nov 2025
What does the latest crypto conviction mean for this volatile sector, and can a global response bring this type of currency into the mainstream?
How are stablecoins taxed?
  • Article
  • 07 Nov 2025
Stablecoins are being considered as an increasingly popular use case for cryptoassets. But how does tax and accounting apply to them? Dion Seymour, Crypto and Digital Asset Technical Director and Ben Lee, Partner at Andersen in the UK, explain.
How do you make cyber training stick?
  • Article
  • 21 Oct 2025
If cyber security training is to be relevant and effective, business owners and organisation leaders must ensure that it is specifically tailored to how their companies work and the risks they face on any given day.
Exclusive How to manage risk when taking on cryptoasset clients
  • Article
  • 30 Sep 2025
David Britton and Louise Lane explain why accountants should be cautious when taking on clients engaged in cryptoasset activities and the steps they can take to balance the opportunities this presents with managing the risks to their practice.
UK’s cryptoasset reporting framework expected to raise £315m
  • Article
  • 01 Jul 2025
ICAEW’s Tax Faculty explores the impact of implementing the cryptoasset reporting framework (CARF) on cryptoasset users, reporting cryptoasset service providers (RCASPs) and HMRC, based on an impact assessment published by the government.
Exclusive The VAT treatment of cryptoasset custodial services
  • Article
  • 05 Jun 2025
In the first of a new series of articles on cryptoassets, members of ICAEW’s digital assets working party explain how UK VAT might apply to custodial services, and what businesses can do to manage their VAT obligations.
New HMRC guidance on cryptoasset reporting
  • Article
  • 21 May 2025
HMRC has published guidance to help reporting cryptoasset service providers (RCASPs) and cryptoasset users prepare for the new reporting requirements applying from 1 January 2026.

ICAEW Digital Assets Working Party guidance

ICAEW REP 015/24 DP 234 Regulating Cryptoassets - phase 1 Stablecoins
  • Representation
  • 07 Feb 2024
  • PDF (394kb)
A representation dated 5 February 2024 to a consultation published by the Financial Conduct Authority on 6 November 2023.
ICAEW REP 063/23 The digital pound: A new form of money for households and businesses
  • Representation
  • 27 Jun 2023
  • PDF (369kb)
A representation dated 26 June 2023 to a consultation published jointly by the Bank of England and HM Treasury on 7 February 2023.

Essential Guide to Blockchain

As a brand new option for how records can be made, stored and updated, blockchain has the potential to enrich the technological landscape, and its unique features make it an attractive prospect.

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Blockchain

Helpsheets and guidance

Helpsheets, thought leadership and other reports on blockchain and cyrptoassets such as cryptocurrencies and Non-Fungible Tokens (NFTs)
Considerations for auditing cryptocurrencies
  • Helpsheets and support
  • 28 Aug 2024
What are the considerations for auditing cryptocurrencies? We highlight some common risks as well as possible procedures to address them.
FRS 102 - accounting for exchange-based tokens
  • Helpsheets and support
  • 19 Aug 2024
While FRS 102 does not include any specific requirements on how to account for digital assets, including exchange-based tokens, this guidance explains how to consider the potential accounting treatment under FRS 102 for holders of exchange-based tokens within financial statements.
TAXguide 02/2024: Taxation of cryptoassets for businesses
  • Technical release
  • 28 Feb 2024
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
  • Technical release
  • 28 Feb 2024
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)
  • Helpsheets and support
  • 28 Feb 2022
  • PDF (868kb)
Part 7 of ICAEW and IFAC joint series on the basics of anti-money laundering.
Exclusive Tax and bitcoin sales
  • Helpsheets and support
  • 07 Jan 2022
FAQ on the tax treatment of the sale of some bitcoin that a client was holding as an investment.
Guidance on crypto assets
  • Helpsheets and support
  • 07 May 2019
  • PDF (275kb)
This guidance gives an introduction to crypto-assets for accountants, and how members may encounter clients with these assets. The guidance then outlines the Money Laundering risks that could be associated with clients who hold crypto-assets, and the issues that members will need to consider in their risk assessments.
Exclusive Accounting for cryptocurrencies under FRS 102
  • Helpsheets and support
  • 18 Sep 2018
The purpose of this technical helpsheet is to consider both the potential accounting treatments under FRS 102 and the presentation of cryptocurrencies within the financial statements. It should be noted that this is an emerging area and practice will no doubt evolve over time.

Webinars and recordings

An archive of recordings of Tech Faculty blockchain and cryptocurrrency webinars.
 
Lunch and learn: Getting to grips with crypto jargon
  • Webinar
  • 14 May 2025
The event will inform you of the jargon surrounding blockchain, decentralised ledgers and crypto.
Navigating New Regulations: MiCA and Stablecoins in Europe’s Digital Asset Landscape
  • Webinar
  • 12 Nov 2024
This webinar will cover Title III and Title IV of the MiCA regulation, which outline the regulatory environment for stablecoins and stablecoin issuers in the EU.
Introduction to blockchain and crypto asset taxonomy
  • Webinar
  • 10 Apr 2024
A selection of popular questions asked by delegates during the webinar: Introduction to blockchain and crypto asset taxonomy.
Blockchain webinar series 2024
  • Webinar
  • 13 Mar 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.
Exclusive Unravelling the FTX Fallout: Lessons from the Collapse
  • Webinar
  • 14 Dec 2023
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!
Exclusive Demystifying the digital pound and CBDCs – an introduction
  • Webinar
  • 19 Oct 2023
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.
Exclusive Beyond Bitcoin
  • Webinar
  • 01 Mar 2023
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
  • Webinar
  • 06 Jul 2022
This webinar examines the advancements of the volatile crypto market and NFTs.

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Useful links

Links to guidance and information from external websites on blockchain and distributive ledger technology.
 
International Standards for Automatic Exchange of Information in Tax Matters
  • Website
  • 15 Jun 2023
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
  • Website
  • 11 Jan 2022
Second 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
  • Website
  • 01 Jan 2022
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
  • Website
  • 01 Oct 2021
EY publication that considers the accounting by holders of cyrpto-assets under IFRS.
What are cryptoassets (cryptocurrencies)?
  • Website
  • 30 Mar 2021
BoE KnowledgeBank article giving background information on cyrptocurreny.
Cryptoassets Manual
  • Website
  • 30 Mar 2021
HMRC internal manual which information on cryptoassets for individuals; cryptoassets for businesses; decentralised finance; compliance
Cryptoassets
  • Website
  • 19 Mar 2021
FCA information about the regulation of crypto assets (including cryptocurrencies) and the risks of investing and making payments using cryptoassets.
Global cryptoasset benchmarking study
  • Website
  • 01 Sep 2020
This report reviews the impact of significant changes in the industry since the publication of the 2nd Global Cryptoasset Benchmarking Study in 2018. It provides novel insights into the state of the cryptoasset industry, having gathered data from 280 companies in 59 countries and across four main market segments – exchanges, payments, custody and mining.

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