Abstract
With the development of the Internet and e-commerce, the fact that cryptocurrencies are transferred between accounts using crypts and not controlled by central banks has remained on the agenda in recent years, and the increase in the number of people and entities investing heavily particularly in cryptocurrency production has forced governments to take certain steps to regulate this structure. In many countries, the trading volumes of cryptocurrencies, which became popular with Bitcoin, have reached a significant level. As a result of the increasing interest in such currencies and their widespread usage, it is also necessary to analyze the taxing, legal and accounting aspects of these currencies. Thus, this study aimed to discuss the accounting and taxation of cryptocurrencies, whose use has increased rapidly in recent years. To that end, the study first addresses the question of why cryptocurrencies are needed in the first place, and then, attempts to introduce blockchain technology, used to create new cryptocurrencies, and Bitcoin, the most renowned and valuable cryptocurrency of this technology. The study then makes recommendations on the accounting and taxation of cryptocurrencies by providing examples of accounting records. Finally, the study recommends that common definitions are made for these new assets throughout the world, and globally accepted international cryptocurrency standards for the accounting and taxation of these currencies are established and implemented.
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Kablan, A. (2019). Accounting and Taxation of Crypto Currencies in Emerging Markets. In: Hacioglu, U. (eds) Blockchain Economics and Financial Market Innovation. Contributions to Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-25275-5_19
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