Expert contribution on blockchain & audit
The article “Blockchain-Technologie und die damit verbundenen Auswirkungen für Wirtschaftsprüfer” [Blockchain Technology and associated consequences for auditors] was published in the magazine “Praxis Internationale Steuerberatung 04/2019” [Practices in International Tax Consultancy 04/2019] on 4 April 2019.
In the years 2017 and 2018, “crypto”, “bitcoin” and “blockchain” were media keywords and many – also established – companies dealt with or had to deal with this topic. This led to companies from different industries starting to hold cryptocurrencies themselves or to procure new capital via a so-called Initial Coin Offering (ICO). These developments have led to new issues for auditors; these are shown in the following statements. Especially Liechtenstein is positive about cryptocurrencies and ICO, which is why a special focus is laid on the Principality of Liechtenstein.