The legal consideration of Bitcoin - Part 2: Obligation to keep accounts

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For over a year now, not a month goes by without the cryptocurrency Bitcoin making headlines. Despite detailed reporting, there are still many uncertainties around this topic. Therefore, Findea explains the basic legal aspects in this series of articles when it comes to the accounting of Bitcoin. This article addresses the obligation to prepare financial statements.

When it comes to the annual financial statement, the OR (Obligationenrecht) is quite clear. This is also the case with the obligation to prepare financial statements, which is regulated in Art. 959 of the OR. Paragraph 1 states that the purpose of the balance sheet is to present the company's financial and financing situation on the balance sheet date. Paragraph 2 then regulates what must be accounted for. The following criteria can be crystallized:

1. It must be an asset,
2. which is available due to a past event,
3. which can be disposed of,
4. from which an inflow of funds is likely,
5. and the value can be reliably estimated.

Now, if one asks whether Bitcoins meet these criteria, one comes to the conclusion that there is an obligation to account for Bitcoins: As discussed in the first article, Bitcoins are undoubtedly an asset (Criterion 1). Bitcoins can either be obtained through traditional purchase using money or by “mining” (providing computing power). So, it is about a past event (Criterion 2). Bitcoins can be accessed through the "private key", the required access code (Criterion 3). In the future, Bitcoins as cryptocurrency can serve as a means of payment or can be converted back into fiat money. Thus, an inflow of funds is likely (Criterion 4). Since Bitcoins are actively traded and thus an active market exists, the value of Bitcoin can also be reliably estimated in an accounting-capable currency (Criterion 5). More information can be found here.

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``` Please note that OR in the original text refers to "Obligationenrecht", which is the Swiss Code of Obligations. It might be helpful for readers familiar with Swiss law to understand the reference to specific articles like "Art. 959 OR".