Cryptocurrencies
Cryptocurrency business is the business of creating, trading, investing or managing digital currencies based on blockchain technology. The business covers a wide range of sectors: cryptocurrency exchanges, trading platforms, blockchain project development, decentralised finance (DeFi) solutions, wallet creation, mining services and consultancy.
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ACCOUNTING FOR CRYPTOCURRENCY COMPANIES
The main feature of this business is decentralisation, as most cryptocurrencies operate independently of central banks or public authorities. This makes the sector highly dynamic and innovative, but also more risky and volatile. Cryptocurrency prices can rise or fall rapidly depending on market news, regulatory changes or investor sentiment.
Cryptocurrency business accounting has several key differences from traditional accounting. Our accountants have not only theoretical knowledge, but also practical experience in crypto business accounting and can ensure the accuracy and timeliness of your business accounting:
Volatility of value
Cryptocurrency prices are highly volatile on the market. This requires frequent conversions of the value of the cryptocurrency held to the market rate, especially if held for short-term speculative use. Our accountants will ensure the timely and correct calculation of crypto-asset values, and will correctly report the financial results of the company and declare them in accordance with legal requirements.
Managing different cryptocurrencies
Businesses can hold several different cryptocurrencies (BTC, ETH, USDT, etc.). If required, our accountants ensure that each cryptocurrency is accounted for separately, taking into account the differences in exchange rates and value movements.
Tax calculation complexity
Cryptocurrency profits can be taxed at different rates depending on whether they are held for long-term investment or are trading activities. Our accountants differentiate between the activities, calculate the trading profits earned, advise clients on the tax treatment, and assess the tax characteristics of different jurisdictions.
Automated data collection and submission
Cryptocurrency transactions can be extremely frequent and the traffic can be extremely high. Our accountants advise clients on the feasibility of automating the full or at least partial appropriation of information for accounting purposes, and assess the potential for integrations between the client’s systems, banks, exchanges and other tools, and the accounting software.