Cryptocurrency is now a standard part of our lexicon and knowledge base. It was the first of an expanding class of “cryptoassets” that currently number more than 2,000. Cryptoassets are quickly becoming a popular investment vehicle, and they have attracted the interest of the SEC and other regulatory agencies.
Right now, no agency oversees cryptoassets, but this is almost sure to change. CPAs and anyone working in the financial services industry needs to keep a close eye on the rapidly evolving cryptoasset ecosystem and watch for developing regulatory oversight.
CPAs need to understand the four main categories that currently comprise cryptoassets.
(For a related story, please see What’s the Deal with Blockchain? in the March/April 2018 issue of On Balance.)