CFOs Need to Grasp Virtual Assets Experts Say

Finance leaders across East Africa should take note of the increasing exploration of on-chain settlement infrastructure by systemically important payment platforms. Many organizations have viewed virtual assets as something to assess later, but this perspective may be shifting.

Evolving Financial Landscape

As large platforms explore on-chain settlement, finance leaders face a turning point. This isn’t about adopting cryptocurrency, but recognizing the evolving infrastructure underpinning liquidity, settlement, and float management. The question for CFOs is no longer whether virtual assets affect treasury and risk management, but whether they will be prepared when accountability is required.

Shifting Perspectives

For much of the past decade, virtual assets were often considered volatile, lightly regulated, and speculative instruments. However, this position is becoming harder to defend. The shift is driven by regulation, institutional adoption, accounting requirements, and the gradual integration of digital asset infrastructure into mainstream finance. CFOs will increasingly need to understand virtual assets as part of their professional responsibility.

Regulatory Frameworks and Oversight

Regulators are designing frameworks for institutions, not innovators. This includes developments in the UK, where regulators are moving towards a financial services regime that treats crypto-related activities as regulated activities. South Africa has approved 300 crypto firms out of 512 applications as of December 2025. CFOs will be expected to demonstrate oversight of risk assessment, governance structures, internal controls, and informed decision-making.

Accounting and Audit Considerations

Accounting and audit practices are evolving to address virtual assets. Under IFRS, judgement is required on classification, measurement, impairment, and disclosure. Major audit firms have issued guidance to help finance teams apply existing standards. The OECD’s Crypto-Asset Reporting Framework points towards automatic tax information exchange for crypto transactions.

Indirect Exposure and Governance

The larger risks associated with virtual assets are often governance-related, including control of access, approval of transfers, segregation of responsibilities, and liability in case of custodian failure. Banks may provide digital asset services, and payment systems may use stablecoins for settlement.

Treasury and Transparency

Virtual assets are increasingly relevant to treasury operations, including cross-border payments and liquidity management. The Financial Action Task Force continues to update guidance on virtual assets and service providers, and the Crypto-Asset Reporting Framework reinforces expectations around anti-money laundering and information sharing.

Personal Accountability for CFOs

CFOs face a quiet personal risk related to accountability. Post-incident reviews often focus on where finance leadership was, rather than why technologists misunderstood the risk. The most dangerous position is uninformed neutrality. CFOs still have time to engage deliberately and prepare for the increasing integration of virtual assets into regulated finance.