Towards Crypto Accounting: Latin American Lessons for the Costa Rican context

Abstract

This article analyzes the experiences of El Salvador and Venezuela in cryptocurrency regulation and proposes an accounting framework applicable to Costa Rica, using a qualitative methodology with an exploratory approach. The sample included professionals from the Costa Rican Association of Public Accountants, the Association of Private Accountants of Costa Rica, the Ministry of Finance, and the Central Bank of Costa Rica. Data were collected through expert interviews and document analysis. The findings reveal that both El Salvador and Venezuela have developed specific regulatory frameworks for the accounting of cryptocurrencies. El Salvador’s “Bitcoin Law” and the regulations issued by the Central Reserve Bank establish automatic convertibility of Bitcoin to U.S. dollars and provide clear guidelines for its accounting treatment. Venezuela, in turn, has implemented an “Integrated Cryptoasset System” and specific accounting standards issued by the Federation of Associations of Public Accountants. This study proposes classifying cryptocurrencies either as inventory or intangible assets; it also suggests the implementation of clear tax policies and the promotion of continuous education for accounting professionals.