Lecture on accounting and taxation of cryptocurrencies at an accountants’ conference

Peter Varga together with Vladimíra Mačuhová lectured at the Saffron Hotel at a recent conference of accountants on how to account for cryptocurrencies and partly on various aspects of taxation of cryptocurrencies. The conference was attended by a combined online and offline audience of several hundred accountants and so was an opportunity to highlight the practical a manual on cryptocurrency accountingwhich we have created as part of our Crypto Tax & Law platform.

In the lecture we mainly discussed:

• Classification of cryptocurrencies in an entity;
• Requirement for analytical record keeping;
• Valuation of cryptocurrencies (or just virtual currencies);
• Accounting transactions with cryptocurrencies and the impact on the tax base;
• Examples from practice;
• Linking accounting to income tax;
• VAT complications;

In our practice, we have been dealing with the accounting and taxation of cryptocurrencies in detail for a long time. In addition to our Crypto Tax & Law platform, we are part of working groups at the level of the Financial Directorate of the Slovak Republic and the Ministry of Finance of the Slovak Republic dealing specifically with cryptocurrencies and capital markets. We have even prepared an EBook on cryptocurrency accounting in a Slovak entity. We give lectures on cryptocurrencies at various forums, write numerous articles and organise conferences. At the last one about setting up funds, we also discussed the topic of cryptocurrencies.

If you are interested in this topic, please do not hesitate to contact us.