The Implications of the Tokenomics System in Accounting and Finance
Chapter from the book: Özer, G. & Yücel, R. & Er, H. (eds.) 2023. Digital Transformation in the Finance Sector.

Onur Özevin
Bolu Abant İzzet Baysal University

Synopsis

This study aims to explain that the Tokenomics system is one of the emerging economic structures of the digital age and examines its impacts on the field of accounting and finance. The Tokenomics system is based on digital assets known as "tokens" that operate on a decentralized blockchain network. The research methodology used in this study is a literature review, and existing scholarly publications and resources related to Tokenomics and its subtopics have been systematically reviewed. The study focuses on the accounting treatment of tokens and their use as a crowdfunding tool. As a result, it has been identified that there is a lack of widely accepted guidelines and practices for token accounting in the accounting world, leading to confusion. It is a general expectation that international accounting standard-setting bodies will publish standards to provide uniformity in token accounting in the near future. Token-based crowdfunding is evaluated as a fast, cost-effective, and global system that could serve as an effective source of funding for new ventures and companies. Another significant expectation is the development of legal frameworks for token-based crowdfunding on a country-by-country basis. The Tokenomics system has high potential in the field of accounting and finance and is expected to have significant implications in the near future. Therefore, Tokenomics should be studied comprehensively through interdisciplinary research, especially in disciplines such as law, accounting, and finance.

How to cite this book

Özevin, O. (2023). The Implications of the Tokenomics System in Accounting and Finance. In: Özer, G. & Yücel, R. & Er, H. (eds.), Digital Transformation in the Finance Sector. Özgür Publications. DOI: https://doi.org/10.58830/ozgur.pub245.c1069

License

Published

September 27, 2023

DOI