Crypto Accounting and Record-Keeping
We provide comprehensive accounting services, including a virtual office. Low taxes and professional accounting support let you concentrate on running the company, concluding contracts and growing the business, while we take care of all formalities. We adapt our service to the specifics of your business. It is always worth considering how to cut unnecessary costs and optimise tax matters.
Keeping the books of a company in the cryptocurrency industry differs from standard accounting service far more than one might think. Transactions on many exchanges, volatile exchange rates, tokens of differing legal nature, revenue in cryptocurrencies instead of zloty – each of these elements requires a different approach to record-keeping than a traditional business.
What does recording cryptocurrency transactions involve?
The basis of correct settlement is a reliable summary of all transactions – most often in the form of a spreadsheet summarising revenue and costs related to cryptocurrency trading in a given tax year. Income is the difference between the revenue earned and the tax-deductible costs incurred – which sounds simple until you have to determine it across hundreds of transactions scattered between different platforms.
What do crypto companies most often struggle with?
- High transaction volume – hundreds or thousands of operations a month requiring individual valuation and classification, especially for exchange offices and exchanges.
- P2P trading – settlements require a different approach from standard exchange trading, taking into account the specifics of direct transactions between individuals.
- VAT on cryptocurrencies – not every transaction is exempt from it; determining when VAT actually arises requires an analysis of the specific business model.
- Tokenisations and crypto projects – accounting for revenue from token issuance differs depending on the nature of the token and the stage of the project.
How do we help?
We keep full accounts and records of cryptocurrency transactions tailored to the specifics of the business – both for exchange offices and exchanges, and for companies accepting payments in cryptocurrencies or running their own tokenisation projects. We also advise on choosing the form of taxation when you are wondering whether a sole proprietorship or a company will be more beneficial.
Result: tidy, compliant records of cryptocurrency transactions, ready for inspection in the event of an audit, and certainty that no transaction has been missed or incorrectly classified.
