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      Digital assets, such as Bitcoin and Ethereum, have emerged as an alternative asset class. This is reflected by new products from traditional financial service providers and portfolio allocations from institutional investors. In addition to digital assets, many enterprise applications for the underlying blockchain technology have emerged. This novel data structure has the potential to improve transparency and efficiency across many legacy systems.

      The complexities associated with digital assets and enterprise blockchain technology remain a key challenge for widespread institutional adoption. As organizations begin to grapple with this new technology, they need to account for the complex regulatory, tax, auditability, risk, and compliance implications.

      KPMG has experience across the full spectrum of needs to support investors and industry players. Please click on the service offerings below for our capabilities across Audit, Tax, Consulting and Deal Advisory. 

      How can KPMG help?

      KPMG has experience across the full spectrum of needs to support investors and industry players

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      Internal and external audit

      Leveraging our industry expertise and analytical capabilities, we assist clients with the application of, and compliance with, local specific statutory reporting requirements, including internal and external audits.

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      Capital markets services

      We act as reporting accountants, performing audits of listing-related financial statements, and advising on accounting treatments and comments raised by regulators.

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      Accounting advisory services

      We advise clients on a range of important matters that have significant accounting ramifications and help organize the financial reporting processes to ensure that accounting operations match the objectives of the business.

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      Attestation, incl. asset provenance and proof of reserves

      Assist clients with readiness assessments, SOC Type 1 and Type 2 attestations, asset provenance and proof of reserves.

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      Business tax advisory services

      We aim to build a long-term partnership with you and provide customized services to meet your tax needs along the journey.

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      International tax services

      Whether you are a well-established global player or new venturer into the cross-border business realm, we can help you with global tax planning with thorough forethought and consideration.

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      Tax policy advisory services

      We help you deal with tax disputes based on our in-depth understanding of tax policy and extensive communication channels with policymakers.

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      People services

      We provide a full range of services to help you navigate the tax complexities when mobilizing talent across borders.

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      M&A tax services

      We identify risks, formulate solutions and assist investors to make sound decisions to manage relevant tax risks associated with transactions.

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      Transfer pricing services

      We provide holistic assistance to enterprises at all stages of transfer pricing strategy and compliance.

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      Indirect tax services

      We specialize in indirect tax including VAT, Consumption Tax, Environmental Protection Tax, Resource Tax, etc.

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      Tax technology & transformation services (TTS)

      Our tax technology tools help you digitalize your tax system and transform tax data into valuable insights.

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      Tax managed services

      We help you develop a target operating model for your tax function to reduce costs and improve tax reporting quality.

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      Tax training services

      Our tax learning and development center provides both offline and online training services covering a wide spectrum of tax topics across all major sectors.

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      Customer experience

      We offer a suite of services that can help you achieve profitable, sustainable growth through customer-centric thinking. This is all about getting close to your customers and staying there.

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      AML, CTF, and sanctions

      We help with the design and implementation of target operating models, remediation and rectification of issues, system model validation, and building a compliance culture.

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      Fork management and network governance

      We look at the measurement and management of network performance to help ensure that the risks and costs are well communicated and controlled, with strong governance in place.

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      Cybersecurity, market surveillance and fraud monitoring

      We help you identify cyber threats, defend cyber attacks and manage cyber incidents.

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      Governance, risk & compliance services

      We offer an integrated framework that unifies governance, risk, compliance and assurance functions to achieve a holistic risk management vision.

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      Data & Analytics

      We help you uncover the hidden patterns and connections from your most granular operational data and support your data-driven decision making process.

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      People & Change

      We advise you on organizational design, talent management, employee experience, behavioural change management and workforce transformation.

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      Finance transformation

      We provide end-to-end solutions for strategic, business and operational finance - delivered through a cross-functional financial and data driven team. We are committed to helping enterprises enhance their financial management to support operational efficiency and decision-making abilities.

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      Enterprise-wide transformation

      We help you determine whether or not, and to what extent transformation is required and help you design and implement transformation initiatives.

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      Operating strategy, growth strategy and cost optimisation

      We help you identify and quantify value creation potential from your operating model and achieve margin improvements.

      We leverage the KPMG 9 Levers of Value framework by our Global Strategy Group to help identify and prioritize set of growth platforms that enable clients to achieve growth ambitions.

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      Financial, tech, operational, HR, tax, commercial, token, blockchain due diligence

      Our Diligence+ framework provides you with an exponentially more powerful view of the full risks and opportunities embedded within a deal.

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      Valuation and modelling

      We help you with valuation issues surrounding business transactions and restructuring, to meet regulatory and accounting requirements, for financing, tax planning and dispute purposes.

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      Fund raise

      We offer hands-on assistance through the process of raising capital, from initial assessment and strategy to successful execution.

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      Target identification and lead advisory

      We identify and prioritize acquisition targets based on their availability and your strategic needs.

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      Deal strategy and equity value story development

      Our Elevate framework adds on to Diligence+ to fuel post-deal opportunities and drive quantifiable value.

      Local insights

      Round-up of the recent developments in the virtual assets space and the prospects for the year ahead
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      HKMA has provided guidance for banks in Hong Kong on managing risks when adopting DLT-based solutions
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      The FTSB has proposed a new licensing regime for Hong Kong’s VA OTC services. Written feedback on the proposals is welcome on or before 12 April 2024.
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      Round-up of the recent developments in the virtual assets space and the prospects for the year ahead
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      Hong Kong plans to introduce a licensing regime for FRS issuers in the city
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      Circular on SFC-authorised funds with exposure to virtual assets and Joint circular on intermediaries’ virtual asset-related activities
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      Two circulars provide further regulatory guidance to licensed corporations on expectations for intermediaries
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      Hong Kong’s regulators respond to rapidly evolving landscape with updated guidance
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      New rules for service providers in virtual assets based in Hong Kong
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      Key recent developments in the crypto ecosystem and expectations for the sector in the year ahead
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      Lessons and implications for stakeholders in the crypto industry
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      Family office and high-net worth investor perspectives on digital asset allocation
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      In this instalment on DEXs, KPMG discusses the competitive landscape, the AMM innovation and mechanics, advantages and challenges of AMMs, and the future of DEXs.

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      Pulls together KPMG's in-market insights from working with regulators, financial investors, and the crypto industry, and sets out the background to DeFi and key factors which we believe will impact its evolution.

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      KPMG & Ethereum Co-founder

      KPMG’s series of discussions on blockchain applications with Vitalik Buterin, co-founder of Ethereum.

      Key definitions

      In short, a blockchain is a series of transactions that are grouped into blocks and recorded on a distributed, digital ledger. These blocks are connected through encryption which stores the data securely and prevents anyone from changing the history. This is, in part because there is no individual owner. 

      Blockchain is also known as Distributed Ledger Technology (DLT) – a digital system for recording transactions of assets that uses cryptography to store information securely and immutably in multiple places simultaneously. DLT underpins all assets in the crypto-universe, including crypto-assets, stable coins and central bank digital currencies (CBDCs).

      Cryptocurrency refers to digital or virtual currencies that utilise cryptography for securing transactions, controlling the creation of new units, and verifying the transfer of assets. These digital currencies operate independently of central banks or governments and rely on decentralised technology, typically based on blockchains or distributed ledger technology (DLT). By leveraging cryptography and decentralised networks, cryptocurrencies can offer secure and transparent transactions, fostering financial autonomy and innovation in a rapidly evolving digital landscape.

      Web 1.0, often referred to as the first generation of the internet, was static and primarily only allowed users to read informational content (read only). Web 2.0 shifted towards user participation and evolved to be more dynamic, allowing users to create content interactively (read, write). With the emergence of Web 3.0 comes the next generation of internet – an evolving phase characterised by decentralised technologies, blockchain, AI, and machine learning, creating a more private and secure environment and empowering users with greater control over their data, facilitating peer-to-peer transactions and allowing digital ownership (read, write, own).

      Matthew Ball summed it up nicely: “A massively scaled and interoperable network of real-time rendered 3D virtual worlds that can be experienced synchronously and persistently by an effectively unlimited number of users with an individual sense of presence, and with continuity of data, such as identity, history, entitlements, objects, communications, and payments” - The Metaverse: And How It Will Revolutionize Everything.

      It will be accessed and experienced through augmented, virtual, or mixed (collectively “extended”) reality, and will significantly broaden the number of virtual experiences seen in everyday life for the average user.

      Contact us

      Barnaby Robson

      Partner, Deal Advisory

      KPMG China

      Paul McSheaffrey
      Paul McSheaffrey

      Partner, Audit

      KPMG China

      Simon Shum
      Simon Shum

      Partner, Audit

      KPMG China

      Robert Zhao
      Robert Zhao

      Partner, Trusted Consulting

      KPMG China

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      Benjamin Man

      Partner, Audit

      KPMG China

      Tommy Lo
      Tommy Lo

      Partner, Audit

      KPMG China

      Jordan Sanders
      Jordan Sanders

      Director, Deal Advisory

      KPMG China

      Johnson Tee
      Johnson Tee

      Partner, Tax

      KPMG China

      Mandy Chung

      Director, Markets

      KPMG China

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