Virtual assets in accounting: definition, essence, and regulatory uncertainty

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Introduction. In recent years, the rapid development of the digital economy, along with the emergence of cryptocurrencies and other virtual assets, has posed new challenges for accounting systems and regulators. Virtual assets (VAs) represent a relatively new phenomenon that does not conform to traditional accounting categories, leading to regulatory uncertainty regarding their recognition and presentation in financial statements. This issue has become particularly pressing during 2022–2025 due to the significant growth of the crypto-asset market and the increasing number of legislative initiatives worldwide, including in Ukraine, aimed at regulating such assets. Methodology. This study is based on methods of analysis and synthesis to reveal the economic nature of virtual assets and their place within the accounting system. A systems-based approach is applied to consider virtual assets as accounting objects in the context of their legal, economic, and informational attributes. A comparative legal analysis is used to align national accounting standards with International Financial Reporting Standards (IFRS) and to assess the regulatory approaches of different countries concerning digital assets. Content analysis is applied to review normative documents, official guidance from regulators, and international accounting practices for virtual assets. Inductive and deductive reasoning supports the formulation of conclusions and the development of proposals to improve accounting procedures in the context of legal uncertainty. Results. Accounting for virtual assets is a fast-evolving and increasingly standardised area. Currently, companies are forced to act based on the principles of analogy and prudence, disclosing as much information as possible about their chosen approaches to enable users of financial reports to properly interpret the figures. In the near future, clearer rules are expected that will reduce the variability in crypto-asset accounting and enhance comparability. For Ukraine, it is essential to implement the best international practices while accounting for national specificities: harmonising national accounting standards with updated IFRS for digital assets, introducing dedicated accounts and methodological guidance, and training professionals. These measures will ensure transparent and reliable accounting for virtual assets, transforming them from a “grey zone” into a legitimate object of financial reporting.

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