Introduction to Cryptocurrencies, Crypto Assets and ICOs
02 May 2019
This publication provides an introduction to cryptocurrencies that entities may possess or
otherwise use when transacting with other parties.
While the discussions below focus on bitcoin, the most popular cryptocurrency among entities, the information below also applies to other cryptocurrencies (e.g., Ethereum, Litecoin, etc.) developed using a similar technology (i.e. blockchain).
Using bitcoins or other cryptocurrencies in your business activities may provide unique opportunities to your business, but it also comes with some unique risks. It is essential that you understand those risks and establish appropriate processes and controls to mitigate those risks.
As the recent wave of new crypto asset issuance has been sweeping the start-up fundraising
world, this publication has also presented recent trends relating to crypto assets issuance and their related risks. You need to understand and assess potential business risks and financial reporting risks prior to getting involved in ICOs and issuing or investing in crypto assets.
CONTENT OF THE PUBLICATION
- Digital currency, cryptocurrency and bitcoin
- Types of bitcoin wallets available
- Understanding bitcoin transactions
- Risk identification and establishing internal controls
- Background on crypto assets and ICOs
- Considerations before issuing crypto assets through an ICO
- Identification of ICO risks
- Identification of financial reporting risks