A crypto project audit tests how a company accounts for virtual assets: wallet control, balances, token valuation and obligations to clients. Key Solutions sets up crypto accounting, reconciles blockchain data to the ledger and prepares the company for an audit under ISA.
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In short
- When: you hold crypto on the balance sheet, accept tokens, issue a token or report to an investor, bank or parent.
- You get: an accounting policy, a wallet-to-ledger reconciliation and a list of corrections, plus an audit report from a partner audit firm if needed.
- Timing: in our experience, 1–2 weeks for an accounting health check, several weeks for an annual audit.
- Fee: agreed case by case, based on wallets, exchanges, transaction volume and the state of the records.
- Start: tell us what the company holds and where, the period, and who will rely on the result.
Crypto accounting and advisory for companies in Ukraine
Our crypto advisory covers the accounting and tax side of a project: documenting transactions, valuing tokens and presenting them in financial statements.
- an accounting policy and valuation method for virtual assets;
- supporting documents for exchange, OTC and own-wallet transactions;
- presentation of crypto assets under IFRS or Ukrainian GAAP;
- preparation for an audit, a bank review or investor due diligence.
Crypto licences and foreign jurisdictions are handled by our group company crystal.tax (see its crypto tax guide), legal support by legal.ua.
How to account for cryptocurrency
Ukrainian GAAP has no dedicated standard for virtual assets, so the treatment rests on the accounting policy and professional judgement. Under IFRS the reference point is the June 2019 agenda decision of the IFRS Interpretations Committee.
| Situation | Treatment | What we document |
|---|---|---|
| Trading in the ordinary course of business | Inventory, IAS 2 | Date, price, price source, cost |
| Holding as a treasury asset | Intangible asset, IAS 38 | Valuation model, impairment test |
| Customer payments in tokens | Revenue at fair value of tokens, IFRS 15 | Contract, acceptance certificate, transaction hash, rate |
What the auditor checks
- control over wallets via a signed message or a test transaction;
- on-chain balances and exchange statements against the accounting records;
- the value of virtual assets and the valuation method;
- completeness of obligations to clients and counterparties;
- compliance with the AML requirements of Law No. 361-IX;
- supporting documents, contracts and disclosures in the notes.
How we work
- Scope and contract. Period, wallets, exchanges, framework and deliverable.
- Wallet and exchange data. Addresses, exchange statements, ledgers and contracts.
- Reconciliation to books. On-chain balances and flows matched to entries, differences traced to documents.
- Valuation and disclosure. Rates, valuation method, impairment and notes.
- Report and fix plan. The report and a management letter listing adjustments.
Timing and fees
In our experience, an accounting health check for crypto assets takes 1–2 weeks and an annual audit several weeks after we receive the full document set. Timing depends on the number of wallets and platforms, transaction volume and whether exchange statements exist for the whole period. The fee is agreed after the first review and fixed in the contract; it follows the same factors plus the reporting framework and the deliverable.
What we need from you
- wallet addresses and the list of exchanges and custodians;
- exchange statements for the period as CSV files or read-only API access;
- ledgers, the accounting policy and the financial statements;
- contracts with counterparties, OTC deals and token sale documents;
- a contact person who knows the wallet setup. We never need private keys.
Deliverables
- an audit report under ISA or an agreed-upon procedures report, signed by a partner audit firm entered in the Register, with Key Solutions preparing the books and reconciliations;
- a reconciliation of wallets and exchanges to the ledger;
- an accounting policy and valuation method for virtual assets;
- a management letter listing corrections and deadlines.
Crypto regulation in Ukraine in 2026
Law No. 2074-IX on Virtual Assets, signed in 2022, had not entered into force as of September 2026: it takes effect together with Tax Code amendments on virtual assets (item 1 of Section VI), which are in draft law No. 10225-d, approved in first reading on 3 September 2025. Until then, the general Tax Code rules apply.
AML rules already apply: virtual asset service providers are primary financial monitoring entities under Law No. 361-IX and run customer due diligence on transactions of UAH 30,000 or more (Art. 11).
Legal basis
Legal basis for the work
- Arts. 6, 11 and 14 of Law No. 361-IX: AML duties of virtual asset service providers;
- Part 3 of Art. 14 of Law No. 996-XIV: who publishes financial statements with an audit report;
- IAS 2, IAS 38 and the IFRIC agenda decision of June 2019: accounting for cryptocurrency.
Why Key Solutions
- Company
- Key Solutions Audit Firm LLC (ТОВ «АУДИТОРСЬКА ФІРМА «КЕЙ СОЛЮШНЗ»), EDRPOU code 39610085. The company's details are public in the Unified State Register (ЄДР).
- Contract
- We work under a contract: scope, timing, liability and confidentiality are agreed before work starts.
- Group
- Key Solutions is part of Innova Consulting Group: legal matters are handled by legal.ua, crypto-asset taxation by crystal.tax.
- Office
- Our office is at 77 Velyka Vasylkivska St., Kyiv. We serve clients across Ukraine remotely. The specialists who run engagements are listed on the Our employees page.
Frequently asked questions
How are crypto transactions taxed in Ukraine?
There is no separate crypto tax yet, so income is taxed under the general rules of the Tax Code. Specific rules are in draft law No. 10225-d, which Parliament approved in first reading on 3 September 2025. That version adds separate adjustments to a company's financial result, similar to the rules for securities, and takes the issue, sale, exchange and redemption of virtual assets outside the scope of VAT, with exceptions. The text may change before the second reading.
Does a Ukrainian company need an audit of its crypto holdings?
A statutory audit depends on the company's size and status under Part 3 of Art. 14 of Law No. 996-XIV. For a statutory audit, a partner audit firm listed in the section of the Register for statutory audit engagements carries it out and signs the report. Key Solutions organises the engagement, prepares the books and statements and supports the company until publication.
How is cryptocurrency accounted for under IFRS?
Under the June 2019 IFRS Interpretations Committee agenda decision, cryptocurrency held for sale in the ordinary course of business is inventory under IAS 2. In other cases it is an intangible asset under IAS 38. We record the choice in the accounting policy together with the valuation method and price source.
How much does a crypto project audit cost?
The fee is agreed case by case. It depends on the number of wallets and exchanges, transaction volume, token types, the reporting framework and the state of supporting documents. After a short description and data exports for the period, we propose the format, timing and fee and fix them in the contract.
Related services
Let's discuss your crypto accounting
Tell us which wallets and exchanges the company uses, which period needs checking and who the report is for. We will reply with the format, timing and fee.
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