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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
how can accountants make sense of crypto
blockchain and the future of accountancy
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.
 
What to consider when auditing cryptocurrencies
  • Article
  • 27 Nov 2024
ICAEW’s Digital Assets Working Party has produced a publication for auditors that highlights the common risks to be considered in the audit of cryptocurrencies.
Exclusive Cryptoassets: international tax issues
  • Article
  • 03 Oct 2024
In the second of a series of articles on cryptoassets, members of ICAEW’s digital assets working party explain the key international tax considerations for individuals holding cryptoassets and for cryptoasset businesses.
Exclusive The basics of taxing cryptoassets
  • Article
  • 30 Aug 2024
Members of ICAEW’s digital assets working party consider how the tax rules apply to cryptoassets acquired, held and disposed of by individuals and businesses.
Check cryptoasset disclosures, HMRC tells taxpayers
  • Article
  • 09 Aug 2024
HMRC is writing to individuals who disposed of cryptoassets and may not have paid the correct amount of tax.
The ABCD+ of technology: blockchain
  • Article
  • 28 May 2024
The ACA syllabus uses the ‘ABCD’ acronym to summarise the most impactful emerging technologies. Here, we share an introduction to blockchain, and what accountants need to know.
How to overcome the digital euro challenge
  • Article
  • 15 Apr 2024
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
  • Article
  • 11 Mar 2024
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
  • Article
  • 23 Jan 2024
New requirements will create a divergence from the current requirements of IFRS Accounting Standards and UK GAAP.

Digital Assets Working Party publications

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.
Exclusive TAXguide 06/24: Taxation of cars, vans and fuel Q&As
  • Technical release
  • 29 May 2024
Answers are provided in this TAXguide to questions asked in ICAEW's webinar on the taxation of cars and vans, including electric vehicles and fuel.
Capital gains tax: Claiming losses and reporting gains in respect of cryptoassets
  • Helpsheets and support
  • 01 May 2024
A person can claim a capital loss under s24(2), Taxation of Chargeable Gains Act 1992 (TCGA 1992) in respect of a cryptoasset they still own if it becomes of negligible value...
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.

Webinars and recordings

An archive of recordings of Tech Faculty blockchain and cryptocurrrency webinars.
 
Excel Lunch and Learn series: Visualisation with Excel
  • Webinar
  • 15 Nov 2024
Transform raw data into insightful visualisations and easy-to-read reporting with our lunch and learn series of five 30 minute webinars, presented by John Tennent, Corporate Edge.
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.

Complete the FDW eLearning course

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Finance in a digital world

Industry press

The Library & Information Service provides a hand-picked collection of industry press articles on Blockchain and cryptoassets such as cryptocurrencies and Non-Fungible Tokens (NFTs) as a benefit of ICAEW membership.
 
Exclusive Distributed ledger technology: cutting through the paradox
  • Article
  • 01 Mar 2023
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.
Exclusive Coin of the realm
  • Article
  • 01 May 2022
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.
Exclusive Is Cryptocurrency the next supply chain finance tool?
  • Article
  • 01 Mar 2022
Article discusses what impact cryptocurrency will have on supply chains and why it matters and is the early hype living up to expectations? Several use cases are provided that supply chain leaders can use to capitalise on Cryptocurrency for supply chain finance operations.
Exclusive Tax strategy: The taxation of NFTs
  • Article
  • 26 Jan 2022
Article discusses tax issues arising from the form of cryptoasset known as Non-Fungible Tokens (NFTs)
Exclusive Non-Fungible tokens and copyright law
  • Article
  • 01 Sep 2021
The article discusses how the edge of intellectual property (IP) law is the ambiguous relationship between non-fungible tokens (NFTs), a cryptographic tool using a suitable blockchain, and copyright law. It mentions that the commercial value of an NFT is in its ability to prove ownership and authenticity of the asset which it represents and NFTs can also be used to verify the authenticity of physical asset.
Exclusive Non-Fungible Tokens and potential federal income tax characterization issues
  • Article
  • 01 Jul 2021
The article presents the discussion on providing an overview of major Non-Fungible Tokens (NFT) business models and the tax issues associated with NFTs with a particular emphasis on the U.S. federal income tax characterization of NFTs.
Exclusive The spread and use of blockchain
  • Article
  • 01 Jun 2021
Article looks for evidence that companies have moved from investigating the use of Blockchain to successful adoption.
Exclusive Introduction to blockchain
  • Article
  • 01 Jun 2021
Article looks at what blockchain means for the accountancy profession as well as a brief overview of the history of blockchain and how it works.
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

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
Cyrptoassets
  • 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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