Valuation and accounting of digital assets in the EU: methodological challenges of MiCAR implementation

Abstract

This article examines the impact of the implementation of the Markets in Crypto-Assets Regulation (MiCAR) on the methodological foundations of accounting for digital assets in the Member States of the European Union. Digital assets are characterized by a diversity of legal forms, the absence of an established accounting model, and valuation dependence on volatile market data, which imposes heightened requirements for professional judgment and disclosure.

Problem statement. Harmonization of crypto-asset market regulation at the EU level does not ensure automatic unification of accounting approaches. Discrepancies between the legal classification of tokens under MiCAR and the recognition and measurement criteria under International Financial Reporting Standards, as well as differences in national implementation practices, complicate the application of uniform methodologies. This results in heterogeneous interpretations and creates risks for comparability and reliability of disclosures.

Unresolved aspects of the problem.  The impact of specific elements of national MiCAR implementation on the development of accounting policies, the selection of measurement bases, and the structure of disclosures relating to digital assets remains insufficiently explored.

Purpose of the article. The objective is to systematize national practices of MiCAR implementation and to identify their influence on digital asset accounting methodology, as well as to formulate proposals for addressing emerging challenges and enhancing the comparability of financial reporting.

Presentation of the main material. An analysis of MiCAR and guidance issued by EU Member States, combined with a review of financial disclosures and a systematization of findings, enabled the integration of regulatory analysis with an empirical comparison of national approaches to MiCAR application through the lens of their impact on digital asset accounting. It is demonstrated that authorization requirements for crypto-asset service providers (CASPs), the structure and content of white papers, and transitional provisions directly affect classification, the selection of measurement bases, and the scope of disclosures in financial statements, thereby explaining differences in accounting practice across EU jurisdictions. A dependence of accounting decisions on the legal qualification of assets has been established, along with strengthened requirements for standardized disclosures and substantiation of valuation assumptions during the transitional period.

Conclusions. National specificities in MiCAR implementation lead to variability in accounting approaches, reducing comparability and affecting the quality of financial reporting. It has been determined that transitional mechanisms, in particular, intensify divergences in accounting approaches across jurisdictions. Although they temporarily facilitate regulatory compliance, they prolong and expand methodological asymmetry in accounting practices. The practical significance of the study lies in developing a foundation for harmonizing accounting policies in line with MiCAR, enhancing the substantiation of assumptions and valuations, and ensuring consistency between information disclosed in white papers and financial statements. The results may be used by accountants, auditors and regulators to improve digital asset accounting practices.