Digital asset accounting & heightened AML scrutiny
Accounting Services for Crypto & Fintech in Dubai
Crypto and fintech accounting means treating digital assets correctly on the balance sheet, navigating VASP-related regulatory requirements, and meeting the heightened AML scrutiny this sector attracts by default.
What's different about crypto & fintech accounting
Most businesses in this sector rely on the same core services: bookkeeping, VAT return filing, the annual corporate tax return and the statutory audit.
Accounting services built for crypto & fintech
Accounting and audit for crypto, virtual asset and fintech companies
Virtual asset service providers, exchanges, brokers, payment firms and fintech platforms operate under regulators such as VARA in Dubai, the DFSA in DIFC and the FSRA in ADGM, all of which expect institutional-grade accounting. Wallet reconciliations, safeguarding of client assets, token valuation and on-chain evidence are where these audits are won or lost.
| Wallet reconciliation | On-chain and exchange balances reconciled to the ledger, including client and own assets |
| Classification | Crypto holdings classified under IAS 38 or IAS 2 depending on the business model |
| Client money | Segregation and safeguarding reconciliations for client funds and assets |
| Revenue | Trading fees, spreads, staking and platform revenue recognised correctly |
| Regulatory reporting | Financial returns and audited statements for VARA, DFSA or FSRA |
| Year-end | Audit readiness, corporate tax return and transfer pricing |
VAT and corporate tax for virtual asset businesses
Cabinet Decision No. 100 of 2024 amended the VAT rules so that the transfer and conversion of virtual assets are exempt, with retrospective effect from 1 January 2018. Fees for services such as platform access or custody may still be taxable, so revenue streams need to be split carefully.
For corporate tax, gains on virtual assets held by companies form part of taxable income. Free zone fintechs must test whether their income is qualifying, as regulated financial activities and transactions with individuals are often excluded.
Related services for crypto and fintech firms
Related guides from our team
Practical explanations of the rules behind this service, written by our chartered accountants.
Questions from crypto & fintech owners
How is cryptocurrency treated on the balance sheet?+
Generally as an intangible asset or inventory depending on your business model (holding versus trading) — cash treatment is not appropriate under current accounting standards.
Do we need VASP licensing for our specific activity?+
Depends entirely on the specific service — exchange, custody, and advisory activities may each trigger different requirements. This needs individual assessment, not assumption.
Why does our sector face more AML scrutiny than others?+
Crypto and fintech are specifically designated higher-risk under UAE AML frameworks given the sector's exposure to illicit finance typologies globally — this isn't specific to any one business, it's sector-wide.
How are crypto assets accounted for under IFRS?+
Usually as intangible assets under IAS 38, or as inventory under IAS 2 for broker-traders holding them for sale.
Are virtual asset transfers subject to VAT?+
Transfers and conversions of virtual assets are exempt under Cabinet Decision No. 100 of 2024; some related service fees can still be taxable.
Do you audit VARA-licensed firms?+
We provide audit and audit-readiness support for virtual asset businesses, including wallet and client-asset reconciliations.
Do crypto companies need AML programmes?+
Yes. Regulated virtual asset businesses need full AML/CFT frameworks. See AML compliance.
First review is free, within 24 hours.
Running a crypto & fintech business and tired of generic bookkeeping?
Tell us your current setup and where the reporting breaks down — we'll scope a fixed monthly fee built around how your business actually earns revenue.