Accountants’ lack of interest in crypto raises concerns
Declining global accountant interest in cryptocurrencies raises financial security concerns
Despite several new issues being examined in relation to cryptocurrency fraud, recent research reveals a general lack of interest on the part of accountants in honing their skills in this area.
The study, carried out by Recap, analyzed Google search data to show that the global interest of accountants in engaging with cryptocurrency has decreased by 3 % in the last three months globally, and by 14 % in comparison. with the previous year.
Recap also conducted a global survey on Reddit, asking accountants if they were tempted to actively improve their cryptocurrency accounting skills, and only 9 % responded in the affirmative.
This study comes at a time when the OECD has confirmed its decision to adopt the Crypto Asset Reporting Framework as an international standard to provide comprehensive tax reporting on cryptocurrency transactions in G20 countries.
The European Union is also expected to soon publish a new bill that will allow cryptocurrency companies to disclose details of their clients’ holdings to tax authorities.
Daniel Howitt, co-founder and CEO of Recap, commented on the survey: “It may be ignorance or arrogance, but accountants have a responsibility to effectively represent their clients. As HMRC confirms proposals to regulate the cryptocurrency industry, “Investors will need accountants who are knowledgeable in this field. In a complex industry, accountants need to be able to easily manage their clients’ digital assets and tax matters.”
“Cryptocurrency represents a real opportunity for accountants, as evidenced by the growing demand from investors. Gaining knowledge in this field can help them stand out in the broader market. It makes sense for accountants around the world to train and understand the market to be able to help their clients, especially if they have the right tax software for cryptocurrency,” Howitt concluded.
K. Tovar
Source: Cointelegraph
(Reference image source: Traxer, Unsplash)
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