The Chartered Institute of Taxation (CIOT) and Association of Taxation Technicians (ATT) has set up a joint crypto asset working group which will be chaired by Gary Ashford, CIOT deputy president, with a priority to step up the bodies’ technical work in this area.

‘Given the growth of crypto generally, and the fact that many members of both the CIOT and ATT are dealing with clients with crypto assets, it is the right time for CIOT and ATT to set up a joint working group,’ Ashford said.

Crypto assets and the associated technology (mainly blockchain) are growing rapidly. The market capitalisation was around $3 trillion in 2021. The current market (summer 2022) capitalisation has reduced to around $900bn, following a significant drop recently from a huge market correction.