Episode 28 | Joe David from Myna Accountants on Accounting for DeFi

The growth of financial instruments powered by DeFi is inevitable. But if the time for DeFi has come, the accounting bodies are still in their starting block (no pun intended). One firm that has gained traction and made a name for itself as the leading crypto accounting firm in the UK, is Myna Accountants. & Its founder Joe David, has been devoting his working hours to provide much needed answers to crypto accounting. Topics covered; Joe shares his nonlinear career path, and how he founded Myna (2:24) Why more institutions are adopting DeFi (exponential TVL growth) (6:38) Accounting change from ETH as intangibles to CETH as receivables in decentralized lending with Compound (8:52) Accounting challenges for liquidity mining & yield farming (12:57) Wrapped Bitcoin and its accounting implications (16:38) Airdrops accounted for as income (19:10) Challenges faced by clients for DeFi adoption (22:34) Tools like Cryptio & Request Finance facilitate crypto accounting (25:22) Can accounting be a bottleneck for DeFi adoption (29:19) HMRC guidance of DeFi lending and capital gains tax treatment (31:37) Challenge for Myna Accountants to scale (34:58) Brought to you by Request Finance - an all in one platform to manage and track invoices, salaries & expenses in crypto. 👉 Earn $10 in REQ tokens when you sign up using promo link at theaccountantquits.com/request Review If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. Website For show notes and past guests, please visit theaccountantquits.com/podcasts/ Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits