Digital Assets and Crypto

EY offers an experienced, multi-disciplinary team that is prepared to assist you in driving toward business opportunity while recognizing the potential risks of not following a thoughtful, informed approach. Our team draws on best practices from serving both traditional financial services firms (across all sectors) and the emerging, digital natives.

Related topics

Financial services

Banking and capital markets

Wealth and asset management

Featured thinking

Stablecoins: adoption, optimism and regulatory clarity

Prashant Kher, Kevin Bailey, Scott Mickey 15 Sep 2025

Capturing opportunity | How EY can help | Risk management | Blockchain analysis & management solutions | Our latest thinking | Connect with the team

Digital assets: the next wave of finance

Digital assets such as cryptocurrencies and stablecoins are becoming a more significant part of our financial system, thanks to the power of blockchain technology. Ernst & Young LLP (EY US) is here to help clients navigate their journey into digital assets. We offer a wide range of sector-based capabilities across product strategy, technology infrastructure, tax and regulatory implications, risk management and transaction lifecycle support for going public or making acquisitions. Our team is dedicated to helping clients create effective strategies and explore innovative operating and revenue models that can drive their success in this evolving landscape.

Revolutionizing modern finance and value creation

The digital assets ecosystem and the underlying blockchain technology allow for instant payments and settlement, portfolio diversification, immutable security and privacy, and fractionalized asset ownership to unleash new business and operating models. These new capabilities could change how institutions raise capital, launch new products, lend money, advise clients and manage risk.

Capturing opportunity with digital assets

A graphic showing how to capture opportunity with digital assets:

Custody - Required foundational capability to securely hold and enable access to digital assets, including cryptocurrencies, stablecoins and tokenized assets, for the organization or its clients to invest in.

Wealth management - Emerging new asset class for portfolio diversification and wealth creation through spot ownership, exchange-traded products (ETPs), and access to decentralized finance (DeFi) offerings (staking, lending, yield generation through stablecoins).

Payments and stablecoins - New opportunities for near-instant payments for commercial and retail use cases, including remittances, trading, liquidity and cash management, money transfers and cross-border payments enabled by blockchain-based payments including stablecoins and tokenized cash.

Tokenization - Tokenized assets have the potential to drive expanded access to capital, create new investment options and improve operational efficiency for participants. Investors could have both access to a wider array of investments (including alternatives and private markets) through fractionalization and the ability to utilize assets for instant settlement, new forms of collateral, and more.

Tax and regulatory - Added complexity in the digital asset landscape stemming from compliance with evolving tax, regulatory, capital and permissibility rules.

Deal activity and transactions - Necessity to evaluate build-vs.-buy-vs.-partner trade-offs as both offensive and defensive strategy against disruption. Mergers and acquisitions (M&A), initial public offerings (IPOs) and special purpose acquisition companies (SPACs) all require due diligence and readiness efforts, as well as integration and value creation to realize the benefit of the deal.

What can EY US do for you?

EY US brings a multidisciplinary approach to the digital assets journey. Leveraging our knowledge and experience in strategy and industry insights, tax, compliance, and blockchain technology, we provide traditional finance (TradFi) firms with foundational strategies to capture new opportunities, while equipping digital native companies with strong governance frameworks to manage risk and drive growth. Overall, we are helping clients bring compliant, secure and resilient digital asset offerings to market and enabling safe, responsible growth.

EY areas of focus across the digital assets and crypto ecosystem

Our EY Digital Assets and Crypto team can help your business provide forward thinking, multidisciplinary guidance with your own individual strategies.

Blockchain

Learn more about our blockchain products and services and how they can help your business have the confidence to transact using public blockchains.
Read more
Tax and Cryptocurrency

EY professionals can help you meet compliance obligations and develop a tax approach for digital assets.
Read more
Strategy by EY-Parthenon

Find out how EY-Parthenon teams can help your business build long-term value through growth and transformative strategies, M&A, and more.
Read more

EY US offerings
Digital assets strategy Product strategy and design Stablecoins and payments Tokenization Mining Staking DeFi / decentralized autonomous organization (DAO)	Regulatory registration Integrations Managed services Valuations Technology transformation Finance transformation Forensics	Mergers and acquisitions (M&A) Accounting and reporting Initial public offering (IPO) / special purpose acquisition company (SPAC) readiness Assurance and attestation Risk management Regulatory compliance Internal audit and controls	Tax services FinCrime compliance Treasury Environmental, social and governance (ESG) Smart contract vulnerability testing Cyber and resiliency Ecosystem partnerships

Risk management solutions: unmatched knowledge where it matters most

For over a decade, the digital asset risk team has worked alongside some of the industry’s largest and most innovative players. We bring deep domain familiarity and a hands-on understanding of blockchain technology and the complex risks lurking where public networks intersect with private infrastructure.

Public blockchain networks (e.g., Ethereum, Bitcoin and Solana) introduce unique properties and novel risks, compared with traditional financial rails. Introducing blockchain and digital asset capabilities requires a paradigm shift, not traditional infrastructure and operations.

Public yet pseudonymous: Anyone with internet access can transact with and view the full transaction history of any account; network participants transact using cryptographic keys and wallet addresses rather than verified identities. This allows anyone to track transaction activity in order to gather behavior and/or identities. Pseudonymity creates counterparty risk and operational complexity in compliance functions, such as know your customer (KYC/T), anti-money laundering (AML), and sanctions screens.

Open-source and peer-to-peer (P2P): Blockchain rails are operated by a network of unknown players that do not co-manage risk and that are bound to one-way mathematical constructs rather than agreements and regulations. There is no central entity to resolve network issues or provide service level agreements and support. Blockchains are generally not designed to the requirements of regulated financial institutions (especially compliance and risk management).

Immutability: Public blockchains are generally append-only ledgers, and transactions are unchangeable once settled on the blockchain. Malicious or erroneous transactions can be reversed only with a subsequent transaction (often requiring counterparty cooperation). Detection and response practices are not effective after transactions are broadcast and settled on the blockchain ledger.

Bearer assets: Whoever holds the private key controls the asset—if it’s lost or stolen, recovery is nearly impossible. Generally, digital assets are bearer instruments and control is granted to anyone who can produce valid signatures from cryptographic signing keys (private keys). Cryptographic signing keys cannot be easily rotated without transferring the assets, and their compromise can lead to permanent data loss.

Firms should leverage their risk identification processes to identify new and heightened risks and enhance their control environment to mitigate them. Combined with the institutional strength and depth of EY US Financial Services Organization, we offer comprehensive risk management services that few can match — whether you’re just beginning your digital asset journey or scaling a more mature program, our team has the experience and blockchain tools to support your organization.

Wallet and key management, including hot or cold wallets, offline environments, and backup and recovery
Node and data infrastructure, including staking and high-availability real-time on-chain data feeds
Crypto liquidity and execution
On-chain analytics and forensics
Smart contract management
Risk strategy and objectives
Risk identification and assessment
Risk measurement
Risk monitoring and reporting
Risk response and remediation
Risk governance and culture
Licensing and registrations
ERM program development and integration
Policy and procedure development
Risk and impact assessments
Model design and validation
Third-party selection and due diligence of digital native vendors
Cybersecurity and resiliency planning and testing
Financial crimes uplift including KYC programs and transaction monitoring
Internal control design, implementation and testing
Internal audit support
EY Analyzer: Smart Contract and Token Review tool
EY Blockchain Analyzer: Reconciler
Inventory of digital asset-specific risks and controls across digital asset products
Regulatory engagement template and framework
EY Ethereum Mainnet simulator
Experience designing, developing and operating digital asset platforms
Experience integrating third-party crypto service providers
Global network of highly technical blockchain engineers

Market-leading blockchain analysis and management solutions

Reconciler
Smart Contract & Token Review
Contract Manager
Public Finance Manager
Traceability

EY Blockchain Analyzer

EY Blockchain Analyzer

EY OpsChain

EY OpsChain

EY OpsChain

Traceability

As part of the EY Blockchain platform, The EY OpsChain Traceability solution provides a trusted platform for traceability and transparency within a supply chain ecosystem through the use of notarization and tokenization. Our blockchain-enabled technology capabilities help clients deliver long-term value by improving brand equity, revenue and operational performance.

Learn more

Logistics and transportation of Container Cargo ship and Cargo plane with working crane bridge in shipyard at sunrise, logistic import export and transport industry background

Digital Assets latest thinking

Stablecoins: adoption, optimism and regulatory clarity

EY-Parthenon 2025 stablecoin survey uncovers adoption, optimism and a desire for regulatory clarity.

Prashant Kher + 2

From boom to bust: considerations for the securities lending industry

DLT and tokenization stand poised to disrupt securities and securities lending through instant settlement, 24/7 trading and composability.

Mark Nichols + 2

Growing enthusiasm propels digital assets into the mainstream

A joint survey by EY-Parthenon practice and Coinbase reveals rising investor enthusiasm and adoption of digital assets, driven by regulatory clarity and innovation.

Prashant Kher + 1

Investing in digital assets: what venture capitalists need to know

Digital assets like cryptocurrencies are reshaping finance. Gain insights into their types, management and significance for venture capital.

Jeffrey Grabow

How retail investors are making digital assets part of their lives

An EY-Parthenon survey of more than 1,000 retail investors shows that 64% already invest in digital assets or related products. Learn more.

Prashant Kher

Institutional sentiment points to increased adoption of digital assets

Institutional investors are adopting digital assets and increasing allocations in the coming years. Find out why.

Prashant Kher

Staying the course: institutional investor outlook on digital assets

EY-Parthenon research suggests that institutions are staying the course and not moving away from digital assets. Learn more.

Prashant Kher

Are you prepared to capitalize on the upside risk of digital assets?

With more than 10,000 digital asset tokens in circulation, a structured approach to due diligence is critical to protect your organization.

Mark Nichols + 2

What to know about crypto derivatives in 2024: market, trends and risk

Despite the severe downturn in cryptocurrency since 2022, crypto derivatives markets continue to evolve with new products and innovation. Read on for the latest.

Dr. Ming Shi + 3

What digital assets and distributed ledger technologies (DLT) offer treasury

Digital assets and distributed ledger technologies provide opportunities to take the treasury transformation journey to the next level. Learn more.

Peter Marshall + 1

How tokenization in asset management is driving meaningful opportunity

Tokenization has gained significant traction throughout the financial services industry, particularly in the asset management sector. Learn more.

Prashant Kher

Connect with our Digital Assets and Crypto team

Photographic portrait of Mike Johnson

Mike Johnson
Digital Assets Solution Leader

Photographic portrait of Thomas Shea

Thomas Shea
Digital Assets Tax Leader

Photographic portrait of Prashant Kher

Prashant Kher
Digital Assets EY-Parthenon Leader

Photographic portrait of Kristina Sanger

Kristina Sanger
Digital Assets FinCrime Co-Leader

Photographic portrait of Jake Jacobson

Jake Jacobson
Digital Assets FinCrime Co-Leader

Photographic portrait of Arwin Holmes

Arwin Holmes
Digital Assets Technology Consulting Leader

Photographic portrait of Rebecca Carvatt

Rebecca Carvatt
Digital Assets Finance Ops and Transformation Leader

Photographic portrait of Mark Nichols

Mark Nichols
Digital Assets Product, Operations and Risk Co-Leader

Photographic portrait of Brendan Maher

Brendan Maher
Digital Assets Product, Operations and Risk Co-Leader

Photographic portrait of David Byrd

David Byrd
Digital Assets Assurance Leader

Photographic portrait of Rahul Chandarana

Rahul Chandarana
Digital Assets M&A Leader

Photographic portrait of Alejandro Latorre

Alex Latorre
Digital Assets Regulatory Leader

Photographic portrait of Lindsay Long

Lindsay Long
Digital Assets IPO Leader

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