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LEARNING RESOURCES

Understanding, Using, and Securing Crypto
process payments their customers make in about a and Digital Assets
dozen types of cryptoassets including stablecoins,
An overview of securing cryptocurrency, this course
and supports more than 100 digital wallets for users
covers wallets, which are the fundamental security
to make payments. concepts and the most important aspect of this
Initially, BitPay’s ERP system was built with off- new technology for accountants and auditors to
the-shelf software from QuickBooks, Solanki said. understand.
About seven years ago, the company switched to CPE SELF-STUDY

off-the-shelf software from NetSuite. To accommo-
date the business’s growth, the NetSuite software
Blockchain for Digital Assets: Accounting for
was customized and automated.
Digital Assets Under U.S. GAAP
“One of the things that we had to con-
stantly work on in our finance team is to make Understand how to explain bitcoin payments to
clients and how to account for other transactions
sure information that goes into our ERP system is
and investments involving crypto and digital assets
complete and accurate,” she said. “Making sure that
under U.S. GAAP.
internal controls around all of this process and the
risk framework are properly designed, which is a CPE SELF-STUDY
fluid process with constant updates as the business
evolves.” Blockchain Fundamentals for Accounting and
BlockFi, founded in 2017, is a U.S.-based Finance Professionals Certificate
fintech startup. The company, which manages about Our two-part webcast certificate program gives
$10 billion in assets, offers crypto-powered financial you the knowledge needed to anticipate potential
services for both retail and institutional investors. benefits and risks, and translate them into your
BlockFi’s ERP system consists of traditional Sage decision-making. Gain real-world literacy on
blockchain and cryptoasset tech, structure, and
Intacct software with a general ledger in U.S.
functionality.
dollars to which customized subledger software is
added to handle cryptoassets, Loban said. WEBCAST
“What we’re left with is a patchwork of things
that work for us,” he said. “Getting through all
this stuff and building it up and trying to find the For more information or to make a purchase, go to aicpa.org/cpe-learning or
right things that are fit for purpose, that’s largely call the Institute at 888-777-7077.
growing pains.”

The rise of cryptoassets

The global adoption of cryptoassets is rising rapidly. transparency as the top reasons why.
Cryptoassets are volatile, and most recent numbers estimate “It’s more liquid than any other asset,” said Rob Loban, CPA, a
the size of the global market from about $830 million to senior vice president and head of accounting at BlockFi, a U.S.
about $1.5 billion in 2020. Projections also vary. One report crypto-based financial services company.
projected the market will grow to $1.9 billion in 2028, and
another projected it will grow to nearly $5 billion by 2030. The For example, a business customer can instantaneously transfer
ranges represented compound annual growth rates of 11.1% $500,000 worth of bitcoin internationally on a Saturday, he
to 12.8%, respectively. said. “A bank cannot do that, they cannot transmit, they cannot
do anything, and that to me is the game-changer,” Loban said.
Despite the uncertainties, 76% of 1,280 respondents in
a 2021 Deloitte global survey said they believe digital Cryptoasset services for retail consumers now include
assets will become a strong alternative to or replacement ATMs, credit cards, prepaid gift cards, and digital wallets to
of legal currencies in the next five to 10 years. They cited access their cryptoassets or make payments with them. And
more efficient, speedier transaction processes and greater cryptoassets are accepted as collateral for some mortgages.

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