Abstract
<jats:p>The article provides a comprehensive and in-depth study of the multifaceted aspects of accounting for virtual assets within the context of intensifying global digitalization and the specific financial risks associated with the martial law period in Ukraine. The current legal landscape is analyzed in detail, specifically focusing on the Law of Ukraine «On Virtual Assets», which currently remains in a "not yet in force" status, and the European Regulation on Markets in Crypto-Assets (MiCA), which establishes new harmonized regulatory standards for the crypto market. The study substantiates the methodological feasibility of applying IAS 38 «Intangible Assets» for the recognition of cryptocurrencies on the balance sheets of business entities as identifiable non-monetary resources without physical substance. The research proposes an original author's methodology for accounting entries regarding specific operations such as staking and periodic revaluation of digital units. The critical impact of high volatility of virtual assets on the key performance indicators of an enterprise’s financial position is determined. Furthermore, the study develops practical recommendations for improving the disclosure of information in the notes to financial statements to ensure strict regulatory compliance with International Financial Reporting Standards (IFRS). A significant part of the research is devoted to resolving legal and tax collisions. It is argued that the current tax vacuum, caused by the postponement of the specialized law, creates excessive fiscal pressure. The author proposes pathways for adapting tax legislation to the technical essence of blockchain technology, emphasizing the need to recognize «investment profit» (the difference between sale and acquisition costs) as the taxable base. The study concludes that only the synchronization of national accounting standards with the MiCA framework and the implementation of clear tax rules will create a transparent accounting environment, enhance institutional trust, and increase the investment attractiveness of the Ukrainian jurisdiction for global crypto-assets participants.</jats:p>