Adjusting Financial Reporting in the Perspective of Transferring Financial Transactions to the Cryptocurrency Market
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. https://valutevirtuali.com/limpatto-sociale-ed-economico-dellideologia-bitcoin/
Banca D’Italia. (2015). Avvertenza sull’utilizzo delle cosiddette valute virtuali [Notice on the use of so-called virtual currencies]. Banca D’Italia. https://www.bancaditalia.it/compiti/vigilanza/avvisi-pub/avvertenza-valute-virtuali/index.html
Berni, M. (2021). Che cosa sono le criptovalute [What are cryptocurrencies]. Mercati24. https://www.mercati24.com/che-cosa-sono-le-criptovalute/
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. https://doi.org/10.1007/978-1-4757-0602-4_18
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]. https://www.consob.it/web/area-pubblica/intermediari-orientamenti-consob
Dai, W. (1998). B-Money. Weidai. http://www.weidai.com/bmoney.txt
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]. http://tesi.luiss.it/25715/
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]. http://tesi.luiss.it/24265/1/682861_ESPOSITO_FRANCESCO.pdf
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. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32018L0843
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. https://doi.org/10.1093/rfs/hhz015
Gennai, A. (2018). Cosa sono e come funzionano le criptovalue [What cryptocurrencies are and how they work]. Il Sole 24 ore. https://www.ilsole24ore.com/art/cosa-sono-e-come-funzionano-criptovalute-AEXzrDCG?refresh_ce=1
IASPLUS. (2015). IAS 21 The effects of changes in foreign exchange rates included in the International Financial Reporting Standards. IASPLUS. https://www.iasplus.com/en/standards/ias/ias21
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. https://pub.law.uaic.ro/files/articole/2019/vols/16.iluca.pdf
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]. https://www.apti.ro/statutul-juridic-al-monedei-virtuale-bitcoin
Transfergo. (2018). Ce Sunt Criptomonedele? [What Are Cryptocurrencies?]. Transfergo. https://www.transfergo.com/ro/blog/ce-sunt-criptomonedele/
Copyright (c) 2021 LUMEN Proceedings
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Selection and peer-review under responsibility of the Organizing Committee of the conference.
This is an Open Access article distributed under the terms of the Creative Commons Attribution-Noncommercial 4.0 Unported License, permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.