Entities like centralized cryptocurrency exchanges fall under the business category of virtual asset service providers (VASPs). As any other enterprise, they can become insolvent. VASPs enable the exchange, custody, and transfer of cryptoassets organized in wallets across distributed ledger technologies (DLTs). Despite the public availability of DLT transactions, the cryptoasset holdings of VASPs are not yet subject to systematic auditing procedures. In this paper, we propose an approach to assess the solvency of a VASP by cross-referencing data from three distinct sources: cryptoasset wallets, balance sheets from the commercial register, and data from supervisory entities. We investigate 24 VASPs registered with the Financial Market Authority in Austria and provide regulatory data insights such as who are the customers and where do they come from. Their yearly incoming and outgoing transaction volume amount to 2 billion EUR for around 1.8 million users. We describe what financial services they provide and find that they are most similar to traditional intermediaries such as brokers, money exchanges, and funds, rather than banks. Next, we empirically measure DLT transaction flows of four VASPs and compare their cryptoasset holdings to balance sheet entries. Data are consistent for two VASPs only. This enables us to identify gaps in the data collection and propose strategies to address them. We remark that any entity in charge of auditing requires proof that a VASP actually controls the funds associated with its on-chain wallets. It is also important to report fiat and cryptoasset and liability positions broken down by asset types at a reasonable frequency.

翻译：中心化加密货币交易所等实体属于虚拟资产服务提供商（VASPs）的业务范畴。与其他企业一样，它们也可能面临资不抵债的情况。VASPs能够实现跨分布式账本技术（DLTs）组织的钱包中加密资产的交换、托管和转移。尽管DLT交易是公开可查的，但VASPs持有的加密资产尚未受到系统性审计程序的约束。在本文中，我们提出了一种通过交叉引用三个不同数据源来评估VASP偿付能力的方法：加密资产钱包、商业登记处的资产负债表以及监管实体的数据。我们调查了在奥地利金融市场管理局注册的24家VASPs，并提供了监管数据洞察，例如客户是谁以及他们来自何处。其年度进出交易额达到20亿欧元，服务约180万用户。我们描述了它们提供的金融服务，并发现它们与传统的中间商（如经纪商、货币兑换机构和基金）最为相似，而非银行。随后，我们实证测量了四家VASPs的DLT交易流，并将其加密资产持有量与资产负债表条目进行了比较。仅有两家VASPs的数据具有一致性。这使我们能够识别数据收集中的差距，并提出解决这些差距的策略。我们指出，任何负责审计的实体都需要证明VASP确实控制着与其链上钱包相关的资金。此外，定期按资产类型细分报告法定货币和加密资产的资产负债状况也很重要。