Our Expert Partner in Digital Asset Accounting and Auditing
Are you an auditor navigating the complexities of crypto-asset verification for your clients in Hong Kong? Or a business struggling to manage and report on your growing digital asset portfolio? You're not alone. The decentralized nature of crypto and the rapid pace of regulatory change present significant challenges for traditional accounting and auditing.
Maple provides the specialized expertise and technology-driven services to bring clarity and confidence to your digital asset finances. We combine our powerful, purpose-built platform, with the strategic guidance of seasoned professionals to transform crypto accounting from a significant hurdle into a streamlined, audit-ready process.
Key Takeaways
Specialized Expertise is Non-Negotiable: Traditional accounting methods are not equipped for the unique challenges of digital assets. Maple’s services are built on a deep understanding of blockchain technology and the evolving regulatory landscape in Hong Kong.
Technology and Service Combined: Our proprietary crypto accounting platform automates the complex, error-prone tasks of data aggregation and reconciliation. This frees up our expert team to provide the high-level strategic guidance, compliance assurance, and audit support your business needs.
Your Audit-Ready Partner: For both businesses and the CPAs who audit them, Maple is the solution. We deliver complete, accurate, and defensible financial data that is prepared to withstand the scrutiny of an external audit.
What is Cryptocurrency Accounting?
Cryptocurrency accounting involves the systematic tracking, recording, and reporting of all transactions involving digital assets. This goes beyond well-known assets like Bitcoin and Ethereum to include stablecoin transfers, DeFi lending and borrowing, liquid staking rewards, and NFTs. Unlike traditional finance where data is centralized, crypto transactions are recorded on countless different blockchain networks, adding a new layer of complexity to the accounting process.
The Maple Difference: A New Standard for Digital Asset Assurance
While a traditional accountant manages financial records, Maple’s specialists possess a unique skill set designed for the decentralized world. We understand the critical knowledge gap that exists between traditional finance and the fast-evolving digital asset industry.
Our experts are proficient with blockchain explorers to trace on-chain transactions, and we have hands-on experience with the DeFi protocols that create accounting complexities like liquidity pools, wrapped tokens, and yield farming.
Core Challenges in Digital Asset Accounting & Auditing
Professionals face unique hurdles when managing and auditing cryptocurrency. Maple's services are specifically designed to address these critical issues.
Fragmented and Unstandardized Data: Financial data is often scattered across hundreds of centralized and decentralized exchanges and numerous blockchains. Each source provides data in its own unique format, making consolidation a complex and error-prone task.
Asset Verification and Control: For auditors, confirming that a company truly owns and controls its crypto assets is a major challenge. The loss of private keys poses a significant risk to financial reporting integrity.
Valuation and Volatility: The high volatility of crypto markets makes accurate valuation difficult. New standards now require many crypto assets to be measured at fair value, with changes recognized in net income each period, increasing the need for precision.
Regulatory and Accounting Ambiguity: Crypto regulations are constantly evolving globally. Furthermore, existing accounting standards like Hong Kong Financial Reporting Standards (HKFRS) were not originally designed for digital assets, forcing accountants to navigate ambiguity in how to classify and report them.
Completeness and Accuracy of Records: Ensuring that all transactions across multiple wallets and exchanges are completely and accurately captured is a primary hurdle for both accountants and auditors.
Hong Kong Regulator Confirms the Need for Specialized Expertise
The challenges of virtual asset (VA) auditing aren't just theoretical; they are a key focus for Hong Kong's primary accounting regulator. The Accounting and Financial Reporting Council (AFRC) 2024-25 Annual Inspection Report validates the critical need for specialized knowledge, noting that auditors face "unique challenges" with VA.
The AFRC's report highlights that the evolving regulatory landscape and the need for "specialised industry expertise in blockchain technology pose additional hurdles in effectively assessing risks and designing and performing appropriate audit responses".
The regulator's inspections uncovered significant findings where auditors had:
Insufficient understanding of the VA business model, controls, and associated risks.
A lack of evaluation on the effectiveness of internal controls over VA transactions and custody.
Insufficient testing of VA-wallet ownership, hash transactions, and the valuation of virtual assets.
How Maple Delivers an End-to-End Solution
Maple addresses these challenges head-on through a powerful service model built on three pillars, all powered by our coinfrs platform.
Crypto Data Studio: A Centralized Source of Truth
Our foundational data engine solves the core problem of data fragmentation. We connect to over 100 distinct sources—including exchanges, custody platforms, and direct blockchain networks—to ingest, cleanse, and normalize your financial data. This creates a single, reliable, and structured source of information for all transactions and balances.
FSCP Manager: Audit-Ready Financials, Automated
This pillar turns standardized data into audit-ready financial records. Our service automates wallet and exchange reconciliations, applies consistent classification rules to transactions, and executes precise Profit & Loss calculations using your selected accounting method (e.g., FIFO, VWAP). We then generate properly formatted journal entries for seamless integration with your existing ERP software, including NetSuite.
Crypto Confirmation: Independent Asset Verification
To solve the critical audit challenge of asset verification, Maple provides an independent, third-party assurance service. For assets on centralized exchanges, we use secure, read-only APIs to independently verify balances for the auditor. For on-chain assets, we employ a cryptographic verification method to confirm your company’s control of the wallet, providing auditors with the evidence they need.
Maple's Comprehensive Crypto Accounting Services
Our technology-enabled services cover the full spectrum of digital asset financial management.
Crypto Bookkeeping & Reconciliation: We maintain meticulous records of all crypto transactions and use our platform to reconcile data across all wallets, exchanges, and financial statements, reducing errors and building trust in your financial data.
Portfolio Tracking & Valuation: We provide a clear, consolidated overview of your crypto portfolio's performance. Our team accurately values holdings in line with accounting standards, including the new fair value measurement requirements.
Financial Reporting & Audit Support: Maple is essential for preparing accurate financial statements that can withstand audit scrutiny. We ensure your records are audit-ready, and for auditors, we provide the verifiable data and third-party confirmations needed to conduct an effective audit.
Why Partner with Maple?
Maple's Certified Cryptocurrency Auditors offer a strategic partnership to secure your financial integrity and enhance efficiency.
Reduce Audit Risk and Complexity: We provide auditors with the tools and evidence needed for verification, and we ensure our clients' books are complete and accurate, dramatically lowering audit risk.
Ensure Regulatory Compliance: Our team ensures your reporting is fully compliant with the evolving regulatory landscape, including new HKFRS requirements.
Gain Efficiency with Automation & Expertise: Our coinfrs platform automates the burdensome work of data collection and calculation, allowing our team to focus on expert analysis and strategic planning for your business.
Frequently Asked Questions
Does Maple compete with CPA firms?
No, Maple is designed to be a partner to CPA firms, not a competitor. We add value to their business by providing the specialized tools, data, and expertise for the crypto-asset portion of an audit. This complements the CPA firm's work, reduces their risk when dealing with digital assets, and allows them to serve their clients more effectively.
What is the difference between a traditional CPA firm and Maple?
Traditional CPA firms provide a broad range of general accounting and audit services. Maple is a specialized technology and advisory service provider focused exclusively on the digital asset industry. Our experts complement the work of traditional CPAs by providing deep expertise in blockchain technology, DeFi protocols, and the specific audit implications of cryptocurrency, areas where traditional firms may lack specialized knowledge.
Can your coinfrs platform replace the need for an accountant?
Our coinfrs platform is a powerful tool that automates complex tasks, but it does not replace the strategic value of an expert. A professional offers personalized advice, interprets complex regulations, and provides the crucial insights and assurance that software alone cannot.
How much do your crypto accounting services cost?
The cost varies based on factors like the complexity and volume of your transactions, your involvement in DeFi activities, and the number of blockchains you use. We offer flexible fee structures, including hourly rates and fixed monthly fees, and will discuss pricing upfront to find a solution that fits your budget.
My company is preparing for an audit. How can Maple help?
Maple is an ideal partner for audit preparation. We ensure your records are meticulous, complete, and compliant with all relevant accounting standards. Our Crypto Confirmation service provides auditors with the independent, third-party verification of asset ownership and control that is critical for a successful audit.