Digital Asset Accounting Services in Singapore: Key Considerations for Web3 and Crypto Businesses

Digital asset accounting is the recording, reconciliation and reporting of a business’s crypto and token activity (wallets, exchange accounts, on-chain transactions, treasury holdings) to the same standard as any other financial record, brought into one consolidated set of books alongside the rest of the business. The bookkeeping itself is familiar work. What tends to take more care is reconciling multi-chain wallet activity against bank and exchange records, so the resulting accounts are complete and consistent.

Berru.co is a Singapore-licensed Corporate Service Provider and accounting firm. Our accounting team, led by qualified and professional accountants, works with funds, fintechs and digital asset businesses as well as companies in traditional industries. This guide sets out the areas that commonly need attention. How they apply to a particular business depends on its structure, activities and holdings, which is why the specifics matter before any conclusions are drawn.

• Digital asset accounting generally involves reconciling wallets, exchange accounts and on-chain activity against fiat-side records in one consolidated ledger.
• Businesses commonly document the valuation approach they apply to digital assets.
• The applicable accounting standard depends on how holdings are classified, which turns on facts such as the business model and the rights a token carries.
• Singapore’s CARF Regulations take effect from 1 January 2027 (see our CARF overview). IRAS may issue further guidance, so it’s worth checking its latest materials directly.
• None of these points is a determination for any specific business. They are starting points for a conversation with your accountant.

A traditional business typically reconciles a handful of bank accounts against its invoices. A digital asset business may also be reconciling several wallets, one or more exchange accounts, on-chain history across multiple chains, and a treasury held in several different tokens, alongside the same invoices and bank accounts. Three areas commonly add complexity:

1. Volume and format. On-chain activity rarely arrives as a tidy monthly statement. It usually needs to be extracted, cleaned and matched to the business’s own records transaction by transaction.
2. Valuation consistency. Token prices move continuously. Reporting generally calls for a consistent, documented approach to valuing transactions at the point they occurred.
3. Consolidation. On-chain activity and fiat-side bookkeeping need to be reconciled against each other and reflected in the same financial statements, whichever systems they are recorded in.

The reporting landscape around all this is also becoming more detailed. Singapore’s adoption of the OECD’s Crypto-Asset Reporting Framework (CARF), expected to take effect from 2027, is a transparency and information-exchange mechanism rather than a tax measure in itself, but it is likely to raise expectations on how well a digital asset business’s records are organised ahead of any reporting deadline. Implementation details may still be amended before the expected 2027 start date, so it’s worth checking IRAS’s latest guidance directly rather than relying on any single article, ours included.

The issues that come up across the industry are rarely exotic. A few patterns appear often enough to be worth noting:

• Wallets and exchange accounts reconciled individually but not tied back to one consolidated ledger.
• Valuation approaches that change from quarter to quarter depending on who is doing the bookkeeping.
• Reconciliation done once a year, close to a filing deadline. Errors found this way are often months old and harder to trace.
• Digital asset expertise brought in only once an issue surfaces late in the reporting cycle.

Our accounting team’s day-to-day work includes:

• Bookkeeping on a cadence suited to the business (monthly, quarterly, half-yearly or yearly)
• Tax filing support across the categories a Singapore company deals with (ECI, Form C, Form C-S, GST), as filing and compliance work, not tax advice
• Unaudited financial statements (UFS) and XBRL conversion
• Audit coordination support
• Consolidated reporting that brings digital asset activity and traditional business transactions together

Where a matter becomes a tax position or a specific filing decision, the determination itself sits with a qualified tax advisor. Our work covers the records and filing support around it.

Kindly note: Berru does not hold a tax-advisory or legal licence, and nothing here should be read as advice on how to file or what you owe.

Our accounting team’s foundation is traditional accounting, led by qualified accountants (ACCA and CPA). We see digital asset accounting as established accounting discipline applied to a newer type of transaction, and the same team keeps the books for traditional businesses across other industries. Many digital asset businesses also run a conventional operating entity, and having one team across both can make consolidation simpler.

The same applies to groups structured across more than one jurisdiction, for instance a Singapore holding company above a BVI or Cayman fund vehicle. Each entity still files under its own jurisdiction’s rules, but the group usually needs to be consolidated into one set of numbers leadership can read. That consolidation is often where the most care is needed, and it is a different exercise from preparing each entity’s filings separately.

These questions are not an assessment of any business’s records, and the answers that matter will depend on your specific structure. They can be a useful starting point for a conversation with your accountant:

1. Are all wallets and exchange accounts reconciled against your books, not only your bank accounts?
2. Is there one documented valuation methodology for digital assets, and has it been applied consistently in practice?
3. How often are on-chain and fiat-side records reconciled against each other?
4. Does whoever maintains your books have experience with digital asset businesses?
5. Has the accounting classification of your holdings been assessed and documented, rather than assumed?

How is digital asset accounting different from regular accounting?

The underlying principles are the same. The differences tend to lie in data volume and format, the valuation of assets whose prices move continuously, and the need to reconcile on-chain records with fiat-side books. Classifying holdings under the applicable accounting standards also usually needs more analysis than it would for most traditional assets.

Does digital asset accounting cover DeFi, staking rewards and NFT transactions?

It can. The underlying discipline is the same, with every transaction recorded consistently, but each type of activity may raise different accounting questions. A staking reward, for instance, is not necessarily treated the same way as a token purchase, and an NFT sale may need its own cost basis. How a specific activity should be treated, for accounting or tax purposes, depends on the facts and is best assessed with your accountant and tax advisor.

Can Berru handle accounting for businesses that do not hold digital assets?

Yes. The team also works with businesses that hold no digital assets, and that traditional accounting base is what the digital asset work is built on.

Does this apply to entities in BVI or Cayman rather than Singapore?

Not automatically. Each jurisdiction has its own reporting framework and filing requirements, so the position needs to be looked at entity by entity. Where a group spans jurisdictions, the scope of consolidation and filing support depends on the jurisdictions involved, so it’s best discussed case by case.

Does CARF change how digital asset businesses keep their books?

CARF is primarily a reporting and information-exchange framework rather than a bookkeeping methodology. That said, the information reported has to come from somewhere, so it may raise expectations on how well the underlying records are organised. Implementation details may still change before the expected 2027 start, so it is worth checking IRAS guidance directly.

How often should digital asset holdings be reviewed?

It depends on the business, its transaction volume and how volatile the holdings are. Some businesses review monthly, others at each reporting date. There’s no single cadence that suits every business. It depends on the business, its transaction volume and its holdings, and is agreed with its accountant.

If your books span digital assets, traditional operations, or both

Disclaimer: No proprietary client workflows are disclosed. The information contained in this article is provided for general informational and educational purposes only and does not constitute legal, regulatory, tax, financial, or professional advice, and reading it does not create an advisor-client relationship with Berru.co. All commentary is educational and risk-managed. While Berru.co endeavours to ensure that the information presented is accurate and up to date at the time of publication, laws and regulations, including those applicable in Singapore, may change and may vary depending on jurisdiction and individual circumstances. Readers should conduct their own independent due diligence and seek appropriate professional advice from qualified advisers, including a licensed tax advisor, before making any business, legal, financial, or tax decision. Reading this article, or contacting Berru.co in response to it, does not create an advisor-client relationship or any duty of care, which arises only once a formal engagement is agreed in writing.