Accountex 2023: Embracing Crypto in the Accounting Industry
Accountex London 2023 showcased an increased awareness of cryptocurrency compared to the previous year, but it is clear that there is still a long way to go.
Mon May 15 2023
Last week we exhibited at Accountex London 2023, a highly anticipated event for accountancy and finance professionals that provides updates on the latest tools and technology for the industry and allows attendees to connect with teams behind the brands, experience live demos, and of course collect some free merch! It is the biggest event of its kind in Eurpoe and this year a record breaking 10,251 attendees passed through the doors!
One notable highlight from this year's event was the increased openness and enthusiasm surrounding the topic of cryptocurrencies, as accountants showed a keen interest in learning more. Although there is still some uneasiness around crypto, overall we noticed a shift in attitude with more specialist talks available and more crypto services exhibiting than previous years.
Overflowing Theatres and a Buzz around Cryptocurrency
One of the most exciting aspects of Accountex London 23 was witnessing overflowing theatres during talks centred around cryptocurrencies. It’s evident that the topic has captured the attention of the accounting community, with professionals eager to expand their knowledge and understanding. No doubt that the drivers for this are the recent Spring Budget announcements about changes to the way crypto gains are to be reported on the self assessment form and the government's visible focus on crypto tax compliance.
Listeners were avidly taking notes about crypto taxation in a talk with Jamie Nutall of Myna. And Jess Ingall and Jason Steedman of Steedman Accountants had the audience nodding their heads in agreement as they set the scene on how painful some cases can be to work on.
The industry's growing curiosity and engagement with cryptocurrencies is an encouraging sign, it reflects a willingness to adapt and embrace emerging trends, be that by choice or necessity to keep up. As Ketan Makwana, Cryptolytx encouraged in his talk “The Hitchhikers Guide to the Digital Economy”, if the UK is going to become a crypto hub then finance professionals have a responsibility to support their clients.
Recap's Stand: Connecting with Professionals and Showcasing Solutions
At the Recap booth, we had the pleasure of meeting numerous individuals, some familiar and some new faces. Many accountants expressed concerns about staying up to date with the evolving guidance on cryptocurrencies and how to effectively manage their clients' data. We had the opportunity to demonstrate our software to these professionals, who were impressed by its capabilities. Our NFT Gallery and AI appraisal pricing feature were of significant interest, highlighting increasing recognition of the potential of non-fungible tokens (NFTs).
Closing Thoughts: A Positive Outlook for Crypto Integration
While Accountex London 23 showcased an increased awareness of cryptocurrency compared to the previous year, it is clear that there is still a long way to go. We heard mentions of gambling, ignorance of taxable events like crypto-to-crypto trades and even came across a few people who had never heard of Bitcoin. Crypto isn't everyone's cup of tea, but such limited knowledge amongst finance professionals about an asset class that has such a high adoption rate is concerning.
That said, the number of accountants who actively sought information and solutions during the event is a positive sign for the UK's ambition to become a crypto hub. The accounting industry plays a crucial role in providing guidance and support to clients navigating the complexities of cryptoassets. As more accountants embrace the subject and seek out tools and technologies to efficiently manage crypto-related data, the industry will move closer to achieving its goals.
In conclusion, Accountex London 23 was a success for Recap, we witnessed firsthand the growing interest and open conversation surrounding cryptocurrencies within the accounting profession. The event provided a valuable platform for professionals to learn, network, and explore solutions that can facilitate their clients' crypto journeys. We remain optimistic about the industry's future as it continues to embrace emerging technologies and work towards making the UK a prominent crypto hub.