Accounting Aspects of the New Bulgarian Legislation in the Field of Crypto-Assets
Accounting Aspects of the New Bulgarian Legislation in the Field of Crypto-Assets

Author(s): Borislav Boyanov
Subject(s): Politics / Political Sciences, Economy, National Economy, Political Theory, Governance, Politics and law, Financial Markets, Accounting - Business Administration
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: crypto-assets; MiCa regulation; LCAM; accounting reporting
Summary/Abstract: This article examines certain nuances of crypto-asset markets legislation that broadly recognize the existence, role, and place of crypto-assets in economic prosperity and wellbeing on an international level. The supranational legalization of crypto-assets seriously increases the interest and use of crypto-assets by businesses globally. The acquisition and use of crypto-assets in the operations of enterprises creates new impetus for the further development of accounting regulations and models for the reporting and presentation of crypto-assets in financial statements. The object of research in this article are crypto-assets as an evolutionary new type of enterprise resources. The subject of the study covers entirely the new legislation of the European Union and the Republic of Bulgaria in the field of regulation of crypto-asset markets. The aim of the article is to examine the current accounting aspects of cryptoassets and to outline the possible prospects for their current accounting and presentation in financial statements through a critical analysis of the key structural determinants of the new economic and financial regulatory environment. The methodological toolkit of the research includes the use of the deductive approach, methods of analysis and synthesis, the study and observation, comparative analysis, analogy and modelling. The restrictive conditions of the study cover the regulatory framework of crypto-assets, defined on the one hand by MiCa regulation and Bulgarian Law on Crypto-Asset Markets (LCAM), and on the other hand by the applicable IFRS and the NAS as of November 2024.

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