Risks associated with accounting for cryptocurrencies may include:
1. Cybersecurity: Criminals can steal cryptocurrency by using hacking attacks or phishing schemes.
2. Loss of Access Keys: Loss of private keys can lead to loss of access to cryptocurrency wallets and thus loss of assets.
3. Accounting errors: Incorrect data entry or incorrect accounting can lead to the loss or incorrect determination of the amount of cryptocurrency assets.
4. Insufficient regulatory compliance: Ignoring regulatory requirements for accounting for cryptocurrency transactions can lead to legal violations and reputational losses.
