With more and more people dipping their toe into the world of crypto, accountants increasingly need to become experts in crypto tax compliance and financial planning. Daniel Howitt looks at how.
Blockchain and cryptoassets articles
Read our latest features and articles on blockchain and cryptoassets such as cryptocurrencies and Non-Fungible Tokens (NFTs).
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ICAEW welcomes government plans to regulate crypto asset activities as an open consultation is launched seeking views on improving market integrity and consumer protection.
Members may encounter a number of policy proposals and developments across a range of tax matters taking place within the EU. ICAEW’s European Office summarises the forthcoming and published proposals.
Ask about blockchain technology and you will most likely hear of its security benefits, particularly in creating tamper-proof and immutable records. But how secure is it? ICAEW’s Head of Tech Policy, Esther Mallowah, explores the question of blockchain security.
ICAEW highlights the difficulties taxpayers face in applying the current tax regime to crypto asset activity. It makes the case for a brand-new set of rules to apply in this area.
Cryptocurrencies are still a bit of an unknown entity when it comes to audit and assurance. What considerations do auditors need to take on board?
ICAEW’s Head of Tech Policy, Esther Mallowah, explores the challenges surrounding accounting for digital assets and provides highlights of a recent panel discussion on the subject.
Usually associated with cryptocurrency transactions, blockchain has a wealth of potential for many business activities, particularly in building trust. So why aren’t firms adopting it more?
This month’s update includes further information on upcoming changes to the disciplinary framework and the latest guidance on Russian sanctions. We speak to a small independent practice about how they’re using our latest training film All Too Familiar and invite you to a crypto assets webinar.
Increasing regulatory focus on prudential treatment of cryptoassets
Michelle Adcock, banking sector lead and Bronwyn Allan, assistant manager, KPMG Regulatory Insight Centre look at how crypto regulation is developing.
Could a crypto crisis progress digital payments?
Volatility in the crypto market and regulatory developments could advance payment technology, writes Billy Bambrough for the ICAEW Financial Services Faculty.
What do recent crashes to the cryptocurrency market mean for the future of crypto assets? Ross Thompson, Accountancy and Finance Lecturer at Arden University reports.
HMRC contemplates changes to the taxation of DeFi lending or staking so that the tax treatment reflects their economic substance.
With 15 countries, including seven in Europe, planning to go cashless in the next decade, are we ready to abandon cash? And what legal, regulatory and ethical hurdles do we need to overcome first?
Cryptocurrencies are on the rise – but are they friends or foes for accountants? We present complementary views from business and scholarly perspectives.
The OECD released a public consultation document looking at two areas to improve the automatic exchange of financial account information between the tax authorities of different jurisdictions.
In the seventh instalment of Anti-Money Laundering: The Basics, IFAC and ICAEW look at the risks associated with virtual assets.
Regulating the unregulated: How the FCA plans to clamp down on cryptocurrency advertising
The FCA has found a way to control how cryptocurrencies reach consumers.
Cryptocurrency and taxation
The increased interest in Cryptocurrency raises many interesting tax issues for professional and amateur investors investing in cryptocurrency and cryptocurrency entrepreneurs creating new crypto businesses. This article outlines the significant tax issues a tax professional may encounter in relation to cryptocurrency.
Fintech academic and chartered accountant Gavin Brown examines nation states’ love-hate relationship with cryptocurrencies and outlines how attempts to control them may drive citizens into the arms of such decentralised currencies.
Choosing the best cloud accounting apps for your business
Many apps are now accessible through the cloud for accountancy businesses and individual practitioners, but what makes them click? Brian Cantwell explores the right tools for the job.
The implications of digital assets for the accountancy profession
Accountants are increasingly encountering cryptocurrency and other cryptoassets, and ICAEW is supporting them on this, says Lesley Meall.
HMRC has sent letters encouraging holders of cryptoassets, such as Bitcoin, to consider their capital gains tax position, but stops short of sending them to non-UK domiciled individuals.
While cryptoassets are growing in popularity, there is a lack of specific guidance on dealing with the issues around them, including over-reliance on blockchains, ownership of cryptowallets and even criminal dealing.
Bitcoin the financial reporting challenge for investors
Why the accounting for cryptocurriencies isn't helping investors and is it time for standard-setters to act?
Crypto investor brands most NFTs worthless after bubble begins to deflate
Bitcoin and cryptocurrency prices have been on a roller coaster over recent months, surging to never-before-seen highs before crashing back.
Fintech academic and chartered accountant Gavin Brown examines the advancements of the volatile crypto market and outlines what may lie in wait for accountants managing such decentralised currencies.
Is crypto now inevitable
Bitcoin has drawn mainstream financial interest, but will it establish itself as a legitimate asset class, asks Billy Bambrough.
Fintech academic and chartered accountant Gavin Brown examines the impact of Tesla’s decision to hold bitcoin as a treasury asset on its balance sheet, both for the company itself and the wider cryptocurrency market.
Blockchain technology offers continuous, real-time accounting, makes fraud more difficult and will be a valuable tool for all stakeholders. Alexis Nicolau argues its importance for the audit profession and its future.
Can bitcoin make it as a mass-market digital payment
Writing for the Financial Services Faculty, journalist Billy Bambrough examines the case for bitcoin as a major payment provider.
14 January 2021: Writing for the Technology and Financial Services Faculties, journalist Billy Bambrough examines the case for bitcoin as a major payment provider.
Blockchain moves into the mainstream
Blockchain often tops the rankings of website faculty hits, so what’s going on? Lesley Meall explores some recent developments, trends and challenges.
20 November 2020: In these challenging times, all bets are off when it comes to the structure of our post-COVID economies.
16 November 2020: The Chancellor has set out the government’s plans to make the UK a world-leader in green finance and financial technology.
9 November 2020: In light of the ongoing US election controversy, fintech academic and chartered accountant Gavin Brown predicts the implementation of new blockchain-style voting methods, giving us incontestable results in hours rather than days or weeks.
30 October 2020: Cryptocurrencies represent the real-world implementation of Nobel Prize-winning economist Friedrich Hayek’s thesis for monetary systems, writes Stephen Lynch.
ICAEW member Alexis Nicolaou says blockchain is forcing accountants to evolve, get clued up and jump on board with the fourth industrial revolution.
11 June 2020: with the US Congress debating the use of Digital Dollars to help its ‘unbanked’ citizens through coronavirus, could we see Digital Pounds this side of the Atlantic?
Getting to grip with the growth of cryptocurrency
The growing popularity of cryptocurrencies means auditors need new skills and knowledge in that area, says David Lyford-Smith.