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Defining The Way Forward For CPAs in a Rapidly Evolving Space

Over the past decade, blockchain technology has captured the imagination of technologists around the world, and in the past year Initial Coin Offerings (ICOs) of cryptocurrency tokens have exploded in popularity. In just the first four months of 2018, ICOs raised $6.3 billion USD in funding, 18% more than in all of 2017.

ICOs present exciting opportunities for CPAs, given their broad range of roles as business and strategic leaders. But these opportunities also bring challenges and risks.

This paper provides practical insights to help CPAs navigate the rapidly growing cryptocurrency and ICO market, and support sustainable innovation in the space. ICOs promise a new source of broad-based funding that could help the burgeoning innovation economy in Ontario to thrive. CPAs can play a role in making that happen.


CPA Ontario is embarking on a series of thought leadership initiatives centred around emerging issues in Ontario to help shape the future of the profession. This paper – the first in the series – explores the rise of cryptocurrencies and Initial Coin Offerings (ICOs) in Ontario. The paper aims to advance dialogue amongst the business community, many of whom are CPAs, about the various challenges related to cryptocurrencies and ICOs, from accounting and audit issues to challenges navigating the current regulatory environment.