Accountants are increasingly encountering cryptocurrency and other cryptoassets, and ICAEW is supporting them on this, suggests Lesley Meall.
Regardless of whether it is Tesla and Sq. adding bitcoin to the harmony sheet, VISA and Morgan Stanley launching cryptoservices, or the non-fungible token craze, digital belongings these as cryptocurrency are coming into the mainstream. ICAEW Technical Supervisor (and ex-auditor) David Lyford-Tilley is not by yourself in discovering the implications for the profession of cryptocurrency, other cryptoassets and developments this kind of as smart contracts, which are enabled by dispersed blockchain ledger know-how.
Uptake is spreading and accelerating, supplying chances for companies of all dimensions to realize competitive advantage by supplying customers with crypto-associated products and services, as accountants overcome some of the technical and realistic worries, these as producing sufficient expertise and comprehension of this new asset class.