From publicaccountant.com.au: Web3, the decentralized iteration of the internet built on blockchain technology, is transforming the accountancy field by facilitating peer-to-peer financial transactions and enabling new business models through smart contracts.

Accountants require a foundational knowledge of Bitcoin, decentralized finance, and related software to effectively advise clients on marketplace choices, tax obligations, and financial risks.

As transaction volumes in cryptocurrencies rise, failing to upskill in this area could leave accountants at a disadvantage in an increasingly digital economy.