A review on accounting and taxation of cryptocurrency income

After the 2008 financial crisis, the failure of central governments to manage the financial crisis and increase in the money supply resulted in the devaluation of national currencies. As a result of this, Satoshi Nakamoto introduced the world's first cryptocurrency, Bitcoin which is not dependent on central governments in his published article. Its value is determined solely by supply and demand conditions, the amount of currency to be issued is limited and already known, and transactions are verified through open-source code software and a digital signature system. Due to the increase in the interest and value of Bitcoin day by day, many altcoins and stable coins have emerged. Cryptocurrencies have now taken their place in the world as a digital currency. With the integration of cryptocurrencies into the global ecosystem, discussions have begun regarding the legal definition of cryptocurrencies, how they should be classified and recorded in the accounts, and whether the income generated from them should be taxed. There is currently no consensus on the legal nature, accounting and taxation of cryptocurrencies worldwide. In our thesis, we examine the accounting and taxation of income derived from cryptocurrencies and propose various recommendations. Keywords: Crytocurrency, Income Derived from Crytocurrencies, Taxation of Income Derived from Crytocurrencies, Accounting of Income Derived from Crytocurrencies