Sebelas Maret International Conferences, The 1st INCREDIBLE

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Exploration Of The Accounting Treatment For Crypto Assets: Is It Eligible To be Recognized As An Asset?
Irham Fuadi, Dyah Purwanti

Building: Parallel Session 1
Room: H
Date: 2020-10-27 01:15 PM – 02:30 PM
Last modified: 2020-10-22

Abstract


Utility token crypto assets or utility tokens are digital tokens based on blockchain technology that provides users access to products or services and derive value from that right. Utility tokens do not give holders ownership in the platform or the assets of the issuing company. Still, they can be traded between holders, and utility tokens are not used to pay. Its intrinsic value comes from the demand for the publisher's goods or services. Meanwhile, asset-backed crypto tokens are digital tokens based on blockchain technology that show and derive their value from something that is not on the blockchain. It comes from a representation of ownership of physical assets (for example, natural resources such as gold or oil). The value is determined based on the underlying asset (PwC, 2019).

Crypto Asset based on Commodity Futures Trading Supervisory Agency Regulation Number 5 of 2019 is an intangible commodity in digital assets, using cryptography and peer-to-peer networks. It distributed ledgers to regulate new units, verify transactions, and secure transactions without interference from other parties. This regulation's existence as a derivative regulation of the Minister of Trade Regulation Number 99 of 2018 concerning the general policy of crypto-asset commodity futures trading indicates the legality of trading crypto assets in Indonesia a commodity or alternative investment. This study aims to explore the possibility of the appropriate accounting treatment for crypto assets for holders of these assets in Indonesia.