Industries We Serve

Specialist Statutory Audit Services for Crypto-Asset Service Providers and the Digital Asset Ecosystem

The blockchain industry is diverse. From regulated Crypto-Asset Service Providers (CASPs) and cryptocurrency exchanges to tokenisation platforms, fintech companies and Web3 developers, each organisation operates under a unique business model with distinct financial reporting, governance and regulatory considerations.

Although International Standards on Auditing (ISA) apply consistently across industries, the audit procedures required for blockchain businesses must be tailored to reflect the specific risks associated with digital assets, distributed ledger technology, custody arrangements, technology infrastructure and evolving regulatory requirements.

At MKGG, we provide statutory audit services to organisations operating throughout the digital asset ecosystem. Our multidisciplinary team combines expertise in statutory audit, IFRS Accounting Standards, blockchain technology and corporate governance to deliver independent assurance that reflects the realities of modern digital finance.

Crypto-Asset Service Providers (CASPs)

The implementation of the Markets in Crypto-Assets Regulation (MiCA) has established a harmonised framework for authorised Crypto-Asset Service Providers across the European Union.

We provide statutory audit services to CASPs offering regulated services such as:

  • crypto-asset custody;

  • operation of trading platforms;

  • execution of crypto-asset orders;

  • exchange services;

  • transfer services;

  • portfolio management;

  • crypto-asset advice; and

  • placement of crypto-assets.

Our audit approach considers the governance, financial reporting and operational characteristics associated with regulated digital asset businesses.

Cryptocurrency Exchanges

Cryptocurrency exchanges process significant transaction volumes while managing complex technology environments.

Audit considerations often include:

  • revenue recognition;

  • customer asset accounting;

  • transaction processing;

  • digital wallet governance;

  • reconciliation procedures;

  • IT controls;

  • cybersecurity relevant to financial reporting;

  • liquidity management; and

  • financial statement disclosures.

Our experience enables us to develop audit procedures that address the operational realities of exchange businesses.

Digital Asset Custodians

Custody providers safeguard crypto-assets on behalf of institutional and retail clients.

These businesses require strong governance over:

  • wallet administration;

  • private key management;

  • client asset segregation;

  • custody agreements;

  • operational controls;

  • reconciliation processes;

  • disaster recovery; and

  • information security.

Our statutory audits evaluate the financial reporting implications of custody activities while recognising the importance of robust governance.

FinTech Companies

Many financial technology businesses incorporate blockchain technology into their products and services without operating exclusively as crypto businesses.

Examples include:

  • payment platforms;

  • digital finance providers;

  • embedded finance businesses;

  • technology-enabled financial services;

  • digital identity providers; and

  • financial software developers.

We provide statutory audits tailored to innovative financial services businesses operating within evolving technology environments.

Web3 Businesses

Web3 organisations often develop decentralised applications, blockchain infrastructure and digital platforms.

Depending upon the business model, audit considerations may include:

  • software development;

  • platform revenues;

  • digital asset holdings;

  • governance structures;

  • technology expenditure;

  • token-related activities; and

  • intellectual property.

We understand the financial reporting challenges associated with emerging Web3 business models.

Blockchain Infrastructure Providers

Infrastructure businesses support the operation of blockchain networks through software, technology and related services.

These organisations may generate revenue from:

  • software licensing;

  • cloud infrastructure;

  • validator services;

  • blockchain analytics;

  • API platforms;

  • enterprise blockchain solutions; and

  • infrastructure support services.

Our audit approach reflects the specialised nature of these operations.

Stablecoin and Payment Infrastructure Businesses

Organisations involved in digital payment infrastructure and stablecoin ecosystems often operate within highly regulated environments.

Audit considerations may include:

  • reserve assets;

  • reconciliation procedures;

  • safeguarding arrangements;

  • payment processing;

  • contractual obligations;

  • financial reporting controls; and

  • governance over operational resilience.

Reliable financial reporting supports confidence among customers, business partners and regulators.

Tokenisation Platforms

Tokenisation continues to expand across a wide range of asset classes.

Businesses may facilitate the tokenisation of:

  • real estate;

  • investment products;

  • private assets;

  • commodities;

  • intellectual property;

  • financial instruments; or

  • other digital representations of value.

These business models often involve complex contractual arrangements and accounting considerations requiring careful analysis.

Investment Firms with Digital Asset Activities

Traditional investment firms increasingly incorporate digital assets within their broader investment strategies.

Examples include:

  • treasury holdings;

  • investment portfolios;

  • digital asset funds;

  • proprietary trading activities; and

  • blockchain-related investments.

Our audit approach integrates traditional financial reporting with specialist digital asset expertise.

Technology Companies Holding Crypto-Assets

Many organisations outside the crypto industry now hold Bitcoin or other digital assets as part of their treasury management strategy.

Although they may not operate blockchain businesses, they face accounting questions relating to:

  • recognition;

  • valuation;

  • disclosures;

  • impairment or measurement considerations;

  • safeguarding arrangements; and

  • financial statement presentation.

We assist organisations in addressing these matters within the context of their statutory audit.

Early-Stage Blockchain Companies

Rapidly growing businesses frequently require assistance in establishing robust governance before their first statutory audit.

Our experience includes organisations requiring support with:

  • accounting policies;

  • financial reporting processes;

  • governance frameworks;

  • internal controls;

  • audit readiness;

  • documentation standards; and

  • board reporting.

Early planning contributes to more efficient audits and stronger corporate governance.

Established Digital Asset Organisations

As blockchain businesses mature, governance expectations increase.

Established organisations typically focus on:

  • enhancing financial reporting quality;

  • strengthening internal controls;

  • improving operational resilience;

  • supporting board oversight;

  • maintaining regulatory compliance; and

  • preparing for continued growth.

Our audits are designed to support these objectives while maintaining complete independence.

Why Industry Knowledge Matters

Every industry presents different risks.

Blockchain businesses differ from traditional organisations because they commonly involve:

  • distributed ledger technology;

  • digital asset custody;

  • rapidly evolving commercial models;

  • technology-intensive operations;

  • complex revenue streams;

  • digital wallets;

  • blockchain transactions;

  • innovative financial products; and

  • significant regulatory developments.

Industry knowledge enables auditors to understand these risks and tailor audit procedures accordingly.

Our Industry Experience

Our professionals combine expertise across:

  • statutory audit;

  • blockchain technology;

  • IFRS Accounting Standards;

  • International Standards on Auditing;

  • corporate governance;

  • financial reporting;

  • internal controls;

  • digital asset accounting; and

  • risk management.

This multidisciplinary approach enables us to provide independent assurance to organisations operating throughout the digital asset economy.

Frequently Asked Questions

Do you only work with regulated CASPs?

No. We provide statutory audit services to a broad range of blockchain, fintech and technology businesses, including organisations that hold digital assets but are not themselves regulated as CASPs.

Can you audit companies outside Cyprus?

Subject to legal, regulatory and independence considerations, we may support organisations operating internationally. The precise scope of our engagement depends on the jurisdiction, reporting framework and applicable professional requirements.

We are a technology company rather than a crypto exchange. Can you still assist?

Yes. Many technology companies develop blockchain applications or hold digital assets without operating exchanges. Our audit approach is tailored to each organisation's business model.

We are preparing to apply for MiCA authorisation. Is it too early to engage an auditor?

Not at all. Early engagement helps establish appropriate accounting policies, governance arrangements and financial reporting processes before the first statutory audit.

Our business model is unusual. Can your audit approach be customised?

Yes. Every engagement is planned individually. Our audit methodology is risk-based and tailored to the operations, technology environment and financial reporting risks of each client.

Supporting the Entire Digital Asset Ecosystem

The blockchain industry continues to evolve rapidly, bringing new opportunities together with increasingly sophisticated governance and financial reporting expectations.

Whether you operate a regulated Crypto-Asset Service Provider, a blockchain technology company, a digital asset custodian or a fintech business, MKGG provides independent statutory audit services grounded in technical excellence, industry knowledge and professional integrity.

Our objective is to deliver high-quality assurance that supports transparent financial reporting, strengthens stakeholder confidence and helps organisations succeed within the evolving digital asset economy.