CRYPTO ASSETS USED IN DIFFERENT INDUSTRIES AND ACCOUNTING OF THEM
Keywords:Crypto asset, Cryptocurrency, Blockchain, Accounting of crypto assets, Bitcoin, Ethereum.
The use and acceptance of crypto assets as exchange, store of value and even more is a possibility that will trigger the spread of Blockchain. The other common view is that there are exaggerated expectations about cryptocurrencies and blockchain. In this context, it is thought that a period of approximately 3-4 years is needed for the transition of crypto assets to the “Productivity Period”. There are over 20,000 types of crypto assets designed to represent all types of goods and services. Crypto assets, which were born as a manifesto to the existing financial system, are naturally difficult to account for within the system. The accounting of crypto assets can be started by coordinating the principle of "substance over form", which is one of the main subjects of accounting. Within the scope of this study, it is possible to mention four mainstream recommendations for the accounting of crypto assets: Business using crypto assets as payment instruments, business using crypto assets as investment instruments, business intermediating crypto asset transactions and crypto mining business. IDO or ICO activities, which can be summarized as the "initial public offering of crypto currencies”, situations that require different and detailed legislation, and it can be said that the UK has come a long way in terms of legal regulations in this regard. Crypto asset is an inclusive and broad definition of the cryptocurrency. It has been about ten years since cryptocurrencies entered our lives. It is a well-known fact that during this time, those who remained outside the strong ones such as Bitcoin and Ethereum deflated like a balloon. Today, technological infrastructures such as Blockchain, DAG or Hashgraph, which form the basis of cryptocurrencies and industrial branches that develop on the axis of these technologies have a market volume of over 1 trillion dollars. The digital chain technology, which forms the basis of the crypto market, contains an innovation potential that is too important for countries to be sacrificed to accounting and tax procedures. As a matter of fact, in today's world where capital mobility is essential, innovations that go beyond the borders of the country can be regulated efficiently with the legislations adopted because of international consensus.
JEL codes: E40, F02, M41
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