Cryptocurrency Regulation and Accounting Challenges: A Comparative Analysis of Bangladesh and Regional Frameworks

Abstract

This PRISMA-guided systematic review (219 documents) investigates Bangladesh’s cryptocurrency prohibition (FEPD 24/2022) against enabling frameworks in South and East Asia. While peers like India, Pakistan, and Singapore adopt regulated models, Bangladesh remains isolated due to a ten-factor institutional capacity deficit covering financial stability, AML/CFT, and infrastructure. This "Bangladesh Paradox" identifies digital-ready demographics—including 80 million bKash users—constrained by regulatory gaps rather than technical barriers. For the accounting profession, prohibition breeds ICAB competency deficits in asset classification (IAS 38 vs. IAS 2) and audit verification. The study proposes a 36–48 month, four-phase adoption framework—modeled on ASEAN practices—incorporating five-layer safeguards for FATF compliance. Findings suggest that while prohibition is a defensible interim risk strategy, it becomes unsustainable before the 2028–2030 FATF evaluation. Proactive professional capacity building is urged to bridge the widening competitive gap and address growing national opportunity costs effectively.