6. How Can Accounting Help Crypto Asset Projects for a Better Assurance?

Crypto asset projects based on blockchain technology, which have found a niche in both financial and non-financial business applications with Bitcoin, have created an ecosystem worth billions of dollars. Most of these projects offer their crypto assets, which initially do not have any value, to their users. If the project fulfills its promises, the value of the crypto assets in question becomes apparent. The most important resource used in this offering process, that is, in introducing a crypto asset project to the world, is the prospectus called whitepaper. There is no standard regarding the content of this document, which is almost a commitment of the project’s developers. Accounting has its technical tools like reports, investor meetings, public disclosures, etc., to connect relevant information with stakeholders while blockchain-based crypto asset projects have more pluses than minuses in terms of communication tools. The knowledge and experience of accounting can be an important support for crypto assets, whose boundaries are tried to be drawn by legal regulations all over the world, to take their place as an asset class based on solid foundations. In this study, it is discussed how accounting standards and accounting language can contribute to crypto asset projects and the blockchain ecosystem.