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For more than 25 years, Jason Titman CA has built a reputation for navigating uncertainty and delivering results. His career has seen him scale startups, advise global corporations, drive mergers and acquisitions, and guide strategic exits in emerging industries such as ecommerce, fintech, proptech, medtech and crypto.

Now, as CEO of Swyftx, one of Australia’s leading cryptocurrency exchanges, he leads in an industry that lacks established frameworks, where traditional accounting principles often fall short.

Crypto’s framework gap

“Crypto is seen as an enormously complex accounting challenge and the truth doesn’t disappoint,” says Titman. “Traditional frameworks like IFRS [International Financial Reporting Standards] and GAAP [generally accepted accounting principles] weren’t designed for cryptocurrencies, leaving significant gaps in how to classify, value and report.”

Adding to the complexity is the expanding scope of digital assets, which now includes non-fungible tokens (NFTs) and tokenised real-world assets (RWAs). For CAs, this means dealing with ambiguity in areas such as asset ownership, transfer and valuation.

Efforts by international bodies including the International Accounting Standards Board (IASB) to create guidance are ongoing, but progress remains slow. Meanwhile, practitioners must interpret existing standards to fit an asset class that often defies traditional definitions.

“The regulatory landscape is shifting,” says Titman. “SAB 121 [Staff Accounting Bulletin], which was highly unpopular as it required banks to report crypto as both an asset and a liability, was recently revoked in the US.”

The Donald Trump administration has announced further regulatory changes, but how cryptocurrencies should be classified – whether as currency, commodities, intangible assets, or some combination of the three – remains unclear.

“At the legislative level, there’s no global consensus on what crypto is,” Titman explains. “Accountants face a moving target affecting everything from how crypto is taxed to whether financial planners can include it on their approved product lists [APLs].”

Taming crypto’s volatility

Volatility remains one of the defining characteristics of cryptocurrency markets. “When the market crashed in 2022, our volumes were down 75%,” Titman recalls. Swyftx values crypto assets using a mark-to-market approach, with holdings assessed monthly to reflect price fluctuations. Gains and losses are calculated using the FIFO (first in, first out) method, ensuring transactions are recognised as they occur.

“Price discovery will improve as global derivatives and spot markets expand,” Titman explains, “but volatility is likely to remain a feature for some time.”

For CFOs managing crypto exposure, he stresses the importance of active management. “CFOs need to be more hands-on with crypto exposure than they would be with equity holdings.”

Forecasting the unpredictable

Crypto’s price swings are also problematic for forecasting and budgeting. “Crypto trading volumes are the most volatile I have seen in any industry. It is not uncommon for trading volumes on the Swyftx platform to increase or decrease between five to 12 times within a single month or even a single week. It makes forecasting a very challenging exercise,” Titman says.

In this context, scenario planning becomes essential. “We prepare for a range of potential outcomes, rather than precise predictions,” Titman says. Swyftx’s financial team uses sensitivity analysis and best-and worst-case frameworks to ensure the company can respond to market fluctuations.

Diversification is another key strategy. By expanding into non-market-dependent revenue streams, such as subscription services or value-added tools for traders, Swyftx reduces its reliance on volatile markets and achieves greater stability.

Treasury management in a decentralised world

For CAs managing crypto treasury assets, the varying requirements across jurisdictions bring added layers of complexity. “Singapore requires 90% of customer assets to be held offline in cold wallets, while the EU is less prescriptive,” says Titman. This means that most global exchanges, including Swyftx, operate hybrid systems combining hot wallets for liquidity and cold storage for security.

Titman sees an opportunity for CAs to rethink traditional treasury strategies by incorporating crypto. “If you have $100 million in cash on your balance sheet, consider allocating $20 million to bitcoin,” he suggests.

However, Titman still encourages CAs to do their research. “It’s as liquid, if not more so, than traditional cash deposits and the potential yield is significantly higher.” In Australia, he notes, the best blended treasury rate while maintaining liquidity typically ranges between 5% and 7%.

Stablecoins offer exciting possibilities for international trade, particularly for New Zealand and Australian commodity companies looking to replace US dollars. They enable smart contract execution, increasing trust and transparency between trade partners, while reducing fees and settlement times. As Titman explains, “These efficiencies can allow traders to complete more transactions and boost profits. However, these opportunities come with risks that require careful consideration, particularly around stability and adoption.”

CAs: the Swiss Army knives of crypto

As the crypto industry evolves, so too must the skill set of CAs. “In this space, CAs are becoming Swiss Army knives,” says Titman. “They need to work across management and financial reporting, taxation, treasury management and even blockchain policy development.”

Technical knowledge isn’t enough. “You need a solid grasp of the broader ecosystem – from trading and mining to staking and governance models,” Titman says, adding that the future of accounting in crypto will lean heavily on data analysis, automated processes and smart contract auditing.

The opportunities for CAs willing to dive into this sector are immense. “Blockchain and digital assets are going to profoundly change how the world of finance and business operates,” he says. The technology is poised to revolutionise supply-chain management, payments, equity issuance, ecommerce, financial contracts, asset tokenisation, cloud storage, investing and remittance.

Titman also points to the growing involvement of established global institutions as a clear signal of blockchain’s trajectory. “BlackRock, State Street, Goldman Sachs, Barclays, JP Morgan – these are not maverick institutions entering the blockchain space. Sooner or later, probably sooner, blockchain is coming and almost all CAs will be impacted by it in some material way,” he says.

For young professionals, the message is clear: “Get in early. The demand for CAs with blockchain expertise is only going to grow.” For CAs, crypto is a frontier that demands flexibility and a willingness to navigate the unknown. But as Titman concludes, the question remains, “Will you be ready to lead when it does?”

From CA to CEO

Jason Titman CA didn’t plan on becoming a chartered accountant – but he credits the designation in instilling him with the rigorous foundation he needed to navigate industries across verticals and geographies.

“In my latter years at high school, I developed a passion for business [that led me to] buying businesses, building them up, and then selling them,” he says. “I thought a commerce degree was a solid foundation to start my journey.”

That journey continued at KPMG, where he worked as a computer and corporate auditor. The role gave him early exposure to business performance, financial strategy and risk assessment – insights that shaped Titman’s approach to leadership. These formative years also led him to undertake the CA designation. “The CA Program instilled a level of discipline that’s stuck with me throughout my career,” he says. “It also taught me that what you see on the surface isn’t always what the numbers are telling you. Numbers don’t lie.”

Today, Titman is the CEO of Swyftx, one of Australia’s leading cryptocurrency exchanges. With one in five Australians owning digital assets, the country has one of the highest crypto adoption rates globally – making it a natural location for Swyftx’s continued expansion.

The industry has recently entered a new phase. President Trump has announced a ‘golden age’ for crypto assets, with his administration already introducing regulatory shifts that are reshaping the ecosystem.

“We have already seen SAB 121 [US Securities and Exchange Commission] revoked because it was fundamentally unworkable,” Titman says. “More regulatory changes will likely follow, and if they do, it could strengthen confidence in crypto as an asset class.”

Meanwhile, in New Zealand and Australia, major banks are preparing to enter the crypto space. “Some of the big banks already have crypto products ready to go, just waiting for regulatory approval,” Titman notes.

But perhaps the most significant transformation will be in payments and retail adoption. With blockchain technology offering a way to cut transaction costs, major brands could soon begin experimenting with blockchain-based payments.

“Large household-name stores could save hundreds of millions a year in transaction fees by switching to blockchain,” Titman says. “The technology is ready – it’s just a matter of when they decide to adopt it.”

But no one has the playbook for what’s coming next. “The level of uncertainty surrounding global markets right now is extraordinary,” Titman reflects. “It’s a VUCA world [volatile, uncertain, complex and ambiguous]. CEOs are almost better off reading textbooks on game theory than traditional strategy in this environment.”

In what is an uncertain world, one thing is certain for Titman: the decision-making framework gained as a CA is invaluable in navigating it.