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Cryptocurrency

Based on the revolutionary record-keeping technology blockchain, 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 – are still being explored. On this page we share all of ICAEW’s guidance on understanding the cryptocurrency phenomenon and how to apply accounting, audit, tax, and more in this new world.

In this section

Features and articles

HMRC’s guidance on taxing cryptoassets

Michelle Robinson of Deloitte examines HMRC’s guidance for businesses that undertake transactions involving exchange tokens, including the scope of HMRC’s guidance, its approach to taxation of cryptoassets, company taxation, venture capital schemes and VAT, among other things.

Helpsheets and guidance

Guidance on crypto assets

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.

The essential guide to cryptocurrency

How do you account for cryptocurrencies? What tax is payable on crypto-transactions? What is the difference between a cryptoasset and a cryptocurrency? What is an ICO? This tech essentials publication provides guidance to help answer some of those questions.

Fintech innovation: perspectives from Singapore and London

This international research report, in partnership with the Institute of Singapore Chartered Accountants (ISCA), explores the strengths and challenges for Singapore and London as fintech hubs, and identifies the key elements that underpin successful fintech innovation.

Finance in a digital world

Finance in a Digital World

ICAEW is collaborating with Deloitte to ensure its members and students have the knowledge and skills to take advantage of the opportunities offered by the fourth industrial revolution and to meet its challenges head on. Log-in to access exclusive content, including: eLearning, webinars and bite-sized summaries on individual technologies and the broader impact of digital technologies on finance.

Blogs

Accounting for Bitcoin

This blog was first posted by Eddy James in January 2017 on the Financial Reporting Faculty’s blog. A few years ago there was a lot of talk about Bitcoin, the fledging cryptocurrency that was threatening to take the world by storm. So much so that we included a bluffer’s guide to it in the Financial Reporting Faculty’s journal, By All Accounts, back in July 2014.

Unanswered questions in cryptocurrency accounting

The Bitcoin era has provided both confusion and excitement amongst accountants. As the original cryptocurrency, the value has skyrocketed since its arrival and by its very nature is presenting challenges for accountants, lawyers, tax experts and investors, says CASSL co-chair April Warrier.

Webinars and recordings

Blockchain, bitcoin and the future of the accountancy profession

Join Mark Taylor and David Lyford-Smith of ICAEW, and Aynsley Damery of the Clarity Project, for the second in our series of IT Faculty ‘Tech Talks’, this time on the subject of blockchain, cryptocurrencies, and how these will affect the future of the accountancy profession.

eBooks

The Library & Information Service provides a hand-picked collection of eBooks as a benefit of membership. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com

Crypto-currencies and blockchains

Chapter 9 of the Fintech book looks at digital currencies and the various applications of the blockchain including what comes next and alternative applications of the blockchain technology to financial services.

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