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 Costa Rican Association of Private Accountants, the Ministry of Finance, and the Central Bank of Costa Rica. Data were collected through interviews with accounting experts and document analysis. The analysis reveals that El Salvador and Venezuela have developed specific regulatory frameworks for cryptocurrency accounting. El Salvador's "Bitcoin Law" and the regulations of the Central Reserve Bank establish the automatic convertibility of Bitcoin to dollars and clear guidelines for its accounting. Venezuela, for its part, has implemented a "Comprehensive Cryptoasset System" and specific accounting guidelines issued by the Federation of Associations of Public Accountants. This study proposes classifying cryptocurrencies as inventory or intangible assets; it also suggests implementing clear tax policies and promoting continuing education for accounting professionals.