Open AccessAdjusting Financial Reporting in the Perspective of Transferring Financial Transactions to the Cryptocurrency Market
Author(s) -
Monica Laura Zlati,
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Veronica Grosu,
Cristina Gabriela Cosmulese,
Marian Socoliuc,
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Publication year - 2022
Publication title -
lumen proceedings
Language(s) - English
Resource type - Conference proceedings
eISSN - 2601-2529
pISSN - 2601-2510
DOI - 10.18662/wlc2021/60
Subject(s) - cryptocurrency , context (archaeology) , money laundering , business , accounting , finance , computer security , computer science , paleontology , biology
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.