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Evaluating custody of digital assets

Hot Topic | February 2024

We explore accounting ownership of custodied digital assets, and when custody affects revenue recognition.

In this Hot Topic, we explain how an entity assesses the accounting owner of custodied digital assets and when custody is a performance obligation under ASC 606.


All entities that either:

  • Engage unrelated custodians to hold their digital assets; or
  • Act as a digital asset custodian

Relevant dates

  • Effective immediately

Topics addressed:

  • Accounting ownership of digital assets purchased through a custodial wallet
  • Accounting ownership of digital assets recognized by the depositor before transfer to a custodian
  • Identifying custodial performance obligations under the revenue standard (ASC 606)

Download the document:

Evaluating custody of digital assets

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SEC staff guidance on digital assets

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Scott Muir
Partner, Dept. of Professional Practice, KPMG US

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