The place of crypto assets in today's legislation: Review on accounting, taxation and audit

Blockchain technology has been appreciated by users since the first day, as transactions made with crypto assets have been equipped with features that are like a manifesto to the central financial system, and it has increased the demand of users for these structures. The purposes of crypto assets' emergence and the channels in which they are used due to their decentralized features have made them growing blocks with uncertainty in the financial sector. This uncertainty often prevents market stakeholders from accessing complete, accurate, transparent and timely information about crypto assets. For this reason, it has become necessary to carry out studies on the accounting, taxation and auditing of crypto assets. Including these assets within the scope of national legislation and integrating them into the uniform chart of accounts will increase the tax revenue of nations. In this system where the information network has a global structure, evaluating crypto assets within the framework of international reporting standards and transferring the transactions related to these assets to the financial statements are significant for the nature of the audit. In addition, actors in the economy have responsibilities to both pay taxes and be accountable to central authorities. While income and gain holders at all levels, from the highest income level to the labour class, are channeled into the tax system and fulfill their tax payment and accountability responsibilities, the fact that the wealth element obtained in the blockchain world is not subject to tax and audit practices despite the fact that the earnings are growing day by day depicts injustice in tax and audit. This study aims to evaluate current approaches to the accounting, taxation and auditing of transactions related to crypto assets and to make application recommendations on a subject-specific basis by understanding the structure of crypto assets.