Adjusting Financial Reporting in the Perspective of Transferring Financial Transactions to the Cryptocurrency Market

  • Monica-Laura Sorici (Zlati) Stefan cel Mare” University of Suceava
  • Veronica Grosu Stefan cel Mare” University of Suceava
  • Cristina-Gabriela Cosmulese Stefan cel Mare” University of Suceava
  • Marian Socoliuc Stefan cel Mare” University of Suceava
Keywords: Cryptocurrency market, accounting, financial reporting, accounting policies, digital revolution


The regulation of the cryptocurrency market is becoming an increasingly debated topic in the context of the transition to the digital economy and the health security procedures adopted by the authorities in this period dominated by the pandemic and economic crisis. In this context, we propose a prospective analysis of the effects of legislative regulation and the shift to the cryptocurrency market as a unit supporting digitization. The methods and procedures used in the analysis aim to obtain the staging of the interaction between the accounting system and the cryptocurrency trading processes. Thus, we will address the issue of the digital economy and the effects produced by it, and the result of this approach will be to identify viable solutions that will prevent certain effects on financial reporting and limit tax evasion or other money laundering techniques as a result of the widespread transition to this trading system. The results obtained will be useful to economic decision-makers and tax authorities concerned with these aspects of economic development.


Augello, V. (2018). L’impatto sociale ed economico dell’ideologia bitcoin [The social and economic impact of bitcoin ideology]. Valute Vituali.

Banca D’Italia. (2015). Avvertenza sull’utilizzo delle cosiddette valute virtuali [Notice on the use of so-called virtual currencies]. Banca D’Italia.

Berni, M. (2021). Che cosa sono le criptovalute [What are cryptocurrencies]. Mercati24.

Chaum, D. (1983). Blind signatures for untraceable payments. In D. Chaum, R. L. Rivest & A.T. Sherman (Eds.) Advances in Cryptology (pp. 199-203). Springer.

Commissione Nazionale Per Le Societa' e la Borsa [National Commission for Companies and the Stock Exchange]. (2018). Comunicazione Consob su. Commissione Nazionale Per Le Societa' e la Borsa [National Commission for Companies and the Stock Exchange].

Dai, W. (1998). B-Money. Weidai.

De Simone, P. (2019). Bitcoin e criptovalute: principi giuridici e finanziari ed evoluzione del ruolo delle monete virtuali nello scambio di beni e servizi [Bitcoin and cryptocurrencies: legal and financial principles and the evolving role of virtual currencies in the exchange of goods and services].

Esposito, F. (2019). Andamento e sviluppo delle criptovalute nei mercati finanziari [Trend and development of cryptocurrencies in financial markets]. Libera Universita Internazionale Degli Studi Sociali [Free International University of Social Studies].

European Parliament. (2018). Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU. Official Journal of the European Union.

Foley, S., Karlsen, J. R., & Putniņš, T. J. (2019). Sex, drugs, and bitcoin: How much illegal activity is financed through cryptocurrencies?. The Review of Financial Studies, 32(5), 1798-1853.

Gennai, A. (2018). Cosa sono e come funzionano le criptovalue [What cryptocurrencies are and how they work]. Il Sole 24 ore.

IASPLUS. (2015). IAS 21 The effects of changes in foreign exchange rates included in the International Financial Reporting Standards. IASPLUS.

Ilucă, D. M. (2019). De la sare la Libra coin: scurt istoric al formelor monetare şi aspectul lor juridic [From salt to Libra coin: a brief history of monetary forms and their legal aspects]. Analele Ştiinţifice ale Universităţii Alexandru Ioan Cuza din Iaşi [Scientific Annals of Alexandru Ioan Cuza University of Iaşi] 65(2), 219-234.

Kaya, Y. (2018). Analysis of Cryptocurrency Market and Drivers of the Bitcoin Price: Understanding the price drivers of Bitcoin under speculative environment. [Unpublished master dissertation]. KTH Royal institute of technology schol of industrial engineering and management.

Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (2016). Bitcoin and cryptocurrency technologies: a comprehensive introduction. Princeton University Press.

Rusu, A. (2013). Statutul juridic al monedei virtuale bitcoin [Legal Status of the Bitcoin Virtual Currency]. Asociaţia pentru Tehnologie şi Internet [Association for Technology and the Internet].

Transfergo. (2018). Ce Sunt Criptomonedele? [What Are Cryptocurrencies?]. Transfergo.

How to Cite
Sorici (Zlati), M.-L., Grosu, V., Cosmulese, C.-G., & Socoliuc, M. (2022). Adjusting Financial Reporting in the Perspective of Transferring Financial Transactions to the Cryptocurrency Market. LUMEN Proceedings, 17, 597-610.