BDO partners with Decentralised Capital to provide cryptoasset auditing

BDO Decentralised Capital cryptocurrency auditing blockchain cryptoassets
BDO and Decentralised Capital will offer auditing and assurance services for cryptoassets.

In a move that’s tipped to attract institutional investors to the blockchain and cryptocurrency sector, accounting firm BDO will provide auditing services and assurances for cryptoassets.

The services will be offered in partnership with specialised blockchain business Decentralised Capital – marking the first time a major accounting and auditing firm has offered auditing and assurance services for cryptoassets in Australia.

“One of the biggest barriers holding institutional investors back is the lack of transparency about the quality of digital assets,” BDO financial services national leader Tim Aman said.

BDO will now offer comprehensive audit and assurance services for blockchain companies and assets such as cryptocurrencies, security tokens, stablecoins, trading platforms and Initial Coin Offerings.

Both organisations envisage the increased scrutiny of cryptoassets will open up the sector to institutional investors.

“By providing comprehensive audit and assurance services, our entry into this growing sector will be a game changer for new investment into this asset class,” said Mr Aman.

Creating credibility

BDO and Decentralised Capital will provide financial statement audits; control assurance reports; anti-money laundering, counter terrorism, and fraud independent reviews; accounting advice; and board governance support.

Decentralised Capital founder Stephen Moss said the partnership with BDO was a crucial step towards creating credibility for the blockchain industry.

“Investors have historically found it difficult to distinguish whether projects are reputable and adequately asset-backed given the lack of services in audit and assurance from reputable firms,” Mr Moss said.

“Projects seeking to mislead investors have historically relied upon the fact that reputable audits are not offered in the blockchain industry, and we’re about to remove that excuse and bring some real credibility to the sector.”

Gold-backed token xbullion, which recently received investment from ASX-listed blockchain company DigitalX (ASX: DCC), will be the first digital asset to be audited by BDO.

Filip has written in both Australia and abroad covering the global economy, geopolitical issues, commodities and small cap stocks on the ASX. He also has many years experience as a share market trader.