MiCAR and the Valuation of Digital Assets: Regulatory Parameters as Value Drivers
Prof. Dr. Philipp Maume
TUM School of Management Munich
Become the Expert Institutions Trust
to Value Crypto & Digital Assets
The CDAV is the first specialised qualification combining traditional valuation expertise with blockchain, tokenomics, and DeFi - developed by EACVA, Europe's largest valuation association.
The Market Is Moving.
Qualified Valuators Are Not.
Companies must value crypto holdings in M&A transactions. Regulators require transparent proof of stablecoin reserves. Investment funds need reliable NAV calculations for token portfolios. Institutional investors now hold billions in custody.
Yet there is a fundamental lack of standardised valuation methods and qualified professionals who understand both the technical and financial aspects. The gap between institutional demand and available expertise is widening. Fast.
741M
Global crypto users in 2025, on track to surpass 1 billion by 2026
$237B
DeFi TVL peak in 2025, grown from just $9B in 2020: a 26× increase
86%
of institutional investors already have or plan digital asset exposure
Who It's For
The CDAV Is Built for You If…
Asset Managers & Fund Analysts
…your portfolios include digital assets and you need defensible NAV calculations, token valuations, and liquidity assessments that meet institutional standards.
Corporate Finance & M&A
…digital asset holdings appear in your deals and require valuation methodology that withstands due diligence, purchase price allocation, and regulatory scrutiny.
Tax Advisers & CPAs
…clients present staking rewards, DeFi yields, and token transactions, expecting documented, defensible tax positions that hold up with authorities.
Lawyers & Compliance Officers
…MiCA compliance, stablecoin reserve verification, or IFRS reporting for digital assets is part of your practice and demands precise technical grounding.
Valuation Specialists, Auditors & CVAs
…you apply fair value methodology and impairment testing to digital assets, or hold a CVA, CFA, or CPA and seek recognized continuing education in this field.
Blockchain & Digital Asset Project Managers
…you manage token launches, DeFi protocols, or digital asset initiatives and need a credible valuation framework to satisfy investors and regulatory requirements.
Master Digital Asset Valuation.
Stand Apart From the Market.
Six expert modules. A two-part examination. One credential that holds up.
6
Expert Modules
2
Exam Components
100%
Online & Self-Paced
01
Crypto Asset Infrastructure
02
Crypto Asset Use Cases
03
Regulation, Accounting & Taxes
04
Valuation Methodology I
05
Valuation Methodology II
06
Data Analytics & Valuation Reporting
Part I
Standardized Online Test
Multiple-choice examination across all six modules. Fully online, no fixed date, no travel required.
Part II
Real-World Case Study
A full valuation report on a realistic mandate: M&A, litigation, or regulatory filing. At the standard of a real engagement.
What You Get
Why Professionals Choose the CDAV
01
Excellent Know-How
A practice-oriented curriculum from blockchain infrastructure to professional valuation methods, developed by international experts from practice, academia, and regulation.
02
Recognized Qualification
Stand out with the CDAV certificate and a digital badge for your LinkedIn profile, plus a listing in the official CDAV Directory. Recognized as continuing education for CVA, CPA, CFA, and tax advisor holders.
03
Strong Network
Join a growing international community on Memberspot: discuss case studies, exchange ideas with experts, and stay current with live webinars on regulation and valuation methods.
04
Professional Tools & Templates
Valuation templates and Excel tools are provided as part of the practical case studies, giving you hands-on experience.
The Program
What You'll Learn
A comprehensive self-study program in six modules, plus a two-part final assessment.
01
Infrastructure
›
02
Use Cases
›
03
Regulation & Tax
›
04
Valuation I
›
05
Valuation II
›
06
Data & Reporting
›
✓
CDAV Exam
- Web1 to Web3 evolution and core blockchain concepts
- Bitcoin deep dive: hash functions, Merkle Trees, PKI, wallets, consensus mechanisms
- Smart Contract blockchains: Ethereum and major platforms
- Blockchain metrics relevant to digital asset valuation
- Token classification: Stable, Security, NFT, Energy/CO2 Tokens
- DeFi and CeFi ecosystems: marketplaces, lending protocols, derivatives
- DAOs: governance models and token engineering
- Value creation frameworks for Web3 assets
- IFRS and US GAAP treatment: staking, governance tokens, NFTs, CBDCs
- MiCA and global regulatory frameworks
- Tax landscape across major economic regions and taxable events
- Fair value measurement and compliance requirements
- Cost and Income approaches: Mining Cost Models, Protocol Revenue DCF, Staking Yield, Token Burn DCF
- Market approach: Metcalfe's Law, Stock-to-Flow, NFT rarity-based valuation
- Plausibility tools: Realized Cap, MVRV, Token Velocity, MV=PQ
- Digital asset-specific premiums and discounts: DLOM, Blockage Discount, NAV Discount
- On-chain data: network activity, security, supply dynamics, protocol financials
- Off-chain data: market data, contextual and qualitative sources
- Data quality: wash trading detection, TVL double-counting, active address adjustments
- Valuation report structure: scope, methodology, reproducibility, professional conduct
- Part I: Standardised Online Test, multiple-choice across all modules
- Part II: Real-World Case Study
- Retake opportunities available
Faculty
The Minds Behind the CDAV
Developed and curated by internationally recognized valuation experts.
Andreas Creutzmann
Chairman of EACVA & Valuation Practitioner
Certified public accountant, tax advisor, and the founder behind both EACVA and the CDAV. Active practitioner with over two decades in valuation.
- Certified public accountant and tax advisor
- Founder & Chairman, EACVA (1,200+ members, 20+ countries)
- CEO, IVA VALUATION & ADVISORY AG (since 2001)
- Court-appointed expert for disputes involving listed companies
- State Chairman, WPK Rhineland-Palatinate
- Author: Soft Skills for the Professional Services Industry (Wiley, 2022)
Wolfgang Kniest
EACVA Co-Founder & Editor-in-Chief
Academic and practitioner with roots at KPMG and TU Chemnitz. Co-founder of EACVA and the editorial voice behind its two flagship publications.
- Co-founder & Managing Director, EACVA
- Member, EACVA credentials committee
- Background: KPMG, academic research at TU Chemnitz
- Lecturer: Frankfurt School of Finance & Management, FH Erfurt
- Editor: BewertungsPraktiker & European Business Valuation Magazine
- Co-author: Unternehmensbewertung: Praxisfälle mit Lösungen (NWB)
Common Questions Answered
Three Things That Hold Professionals Back
And why none of them should.
01 · The Niche Objection
Digital assets are too niche for my career.
Every major bank, audit firm, and regulator is actively building digital asset capabilities. The question is not whether valuation professionals need this. The question is who will be ready when the first mandate arrives.
02 · The Technical Objection
I need a technical background to understand this.
The CDAV is built for finance professionals, not developers. Module 1 covers all technical foundations at the level required for valuation work. No coding, no prior crypto experience needed.
03 · The Timing Objection
I can wait. The market isn't fully there yet.
The professionals who earn premium fees in emerging fields prepare early. The CDAV cohort building expertise today will be the recognized specialists when demand peaks. Not the ones catching up.
From the Community
What CDAV Members Say
What sets the CDAV apart is its depth. It does not stop at a surface-level overview of the blockchain technology. It builds a real understanding of how different digital assets work and which of their characteristics make them so difficult to value. From there it does the part that matters: it shows how to apply fundamental valuation approaches (cost, income, and market) to those blockchain specific problems, properly adapted to tokens and coins rather than forced onto them. Coming from years of experience in traditional valuation, that bridge between the technology and a defensible methodology is exactly what I'd been missing. The CDAV is a serious qualification for anyone whose work is starting to touch digital assets, either as entrepreneur or as valuator. Further, the organizers of the CDAV are well known in the valuation world, with decades long experience and accessible to reach and discuss with, if needed. Last but not least, the CDAV includes access to an active community in the digital asset valuation space and beyond, by itself a valuable asset.
Roland Mader, Dipl.-Ing., MBA
Founder, Bewertungsraum
Pricing
Your Investment
Choose how you want to start.
CDAV Member
€4,250
€2,450
Introductory Price
Course incl. exam €1,950 · Community €500/year (first year included)
The complete path to CDAV certification.
- All 6 modules: unlimited access to learning materials, videos & updates
- CDAV Exam: Standardised Online Test + Real-World Case Study
- Official CDAV certificate & digital badge for LinkedIn
- Full Memberspot community access with posting rights
- Live webinars, Q&A sessions & exclusive research materials
CDAV Observer
Free
Get a risk-free impression of the program before committing.
- Access to basic content & introductory materials
- Program roadmap overview
- Read-only community access (Memberspot)
- Newsletter with market trend updates
- Upgrade to full membership at any time
*VAT may apply to all fees.
Your Path to Certification
From enrollment to CDAV certificate in four steps.
1
Enroll
Choose your plan and register. Get immediate access to the Memberspot platform and all learning materials.
2
Study
Work through six self-paced modules at your own schedule: videos, readings, webinars, and expert Q&A included.
3
Get Examined
Complete a standardised online test and a real-world valuation case study — both fully remote.
4
Get Certified
Receive your official CDAV certificate and digital LinkedIn badge. Hold your CDAV certificate until you don't recertify.
Free Live Webinar Series: Valuation of Digital Assets
Join leading experts from top institutions. Live, interactive, and open to everyone.
Upcoming Sessions
Valuing Digital Tokens in the US: Fair Value, Lock-Ups, and SAFTs
Mark Zyla
Founder, Zyla Valuation Advisors LLC
Antonella Puca
Partner, BlueVal Global LLC
How to Build a Defensible Valuation for Digital Assets
Prof. Dr. Andre Guettler
Ulm University
Navigating the Data Landscape for Digital Assets
Alexander Wiedenmann
Ulm University
Under the Hood of Digital Asset Valuation: How Smart Contracts, Governance, and Infrastructure Shape Valuation Assumptions
Dr. Ulrich Moosbrugger
Quantwork · CQF · Quant Finance
Past Sessions
Valuing Digital Assets: An Emerging Methodological Framework
Prof. Dr. Andre Guettler
Ulm University
Accounting for Digital Assets: IFRS and US GAAP Compared
Prof. Dr. Dr. h.c. Wolfgang Ballwieser
LMU Munich School of Management
Crypto Asset Use Cases
Shermin Voshmgir
Author of "Token Economy"
Crypto Asset Infrastructure
Shermin Voshmgir
Author of "Token Economy"
Latest Global Crypto Trends: What Every Valuation Expert Needs to Know
Henri Arslanian
Co-Founder, Nine Blocks Capital Management
EACVA
EBVM – European Business Valuation Magazine
The quarterly journal of EACVA covering valuation theory, practice, and regulation.
Special Edition: digital asset valuation - free for CDAV Observers (Free) on Memberspot.
Where CDAV Skills Apply
- M&A and corporate takeovers, including token-treasury valuation
- ICO/IDO pricing and valuation of new token issuances
- Private token placements
- Lending and collateral valuation (CeFi & DeFi)
- Treasury valuation for protocol acquisitions
- DeFi liquidity and staking position valuation
- Token vesting and lock-up valuations
- IFRS 13 fair value measurement
- US GAAP classification and reporting
- Disclosure and impairment testing
- Stablecoin reserve attestation
- Tax reporting and gain/loss documentation
- Treatment of forks, airdrops, and staking income
- MiCAR-aligned valuation requirements
- Securities classification analysis
- NAV calculation for digital asset portfolios
- Risk-adjusted performance analysis
- Liquidation risk for collateralised positions
- Smart contract and oracle-dependency risk
- Governance risk for protocols and DAOs
- Market and liquidity discounting
- Volatility modeling for pricing and risk forecasting
Frequently Asked Questions
The CDAV is a self-paced program. The estimated total workload is approximately 15 days. Since the program is self-study, you have full flexibility to set your own pace and schedule learning sessions according to your professional commitments. As a CDAV Member, you have unlimited access to all materials as long as your membership is active.
No. Module 1 (Crypto Asset Infrastructure) provides comprehensive technical foundational knowledge of Web3 and blockchain networks. The program is not an IT boot camp or programming course; technical understanding remains at the level necessary for valuation purposes. A background in finance, accounting, valuation, or a related field is strongly recommended.
The CDAV Exam has two components. Part I is a Standardised Online Test consisting of multiple-choice questions covering blockchain technology, regulation, accounting, tax, and valuation methods across all modules. Part II is a Real-World Case Study in which you complete a comprehensive valuation of a digital asset based on a realistic scenario, simulating an actual engagement such as an M&A mandate, court proceeding, or regulatory reporting. Both parts are completed remotely via the Memberspot platform.
The CDAV is developed and issued by EACVA — the European Association of Certified Valuators and Analysts, founded in 2005, with 1,200+ members from over 20 countries. EACVA is internationally recognized as a member of the Global Association of Certified Valuators and Analysts (GACVA).
No worries. Nobody is perfect. If you don't pass on the first try, retake opportunities are available. Details about the retake policy (number of attempts, waiting periods, fees) are provided upon exam registration. The goal is to help you succeed, not to eliminate you.
The community membership (€500/year, first year included) gives you full access to the CDAV Memberspot community with posting rights: discuss cases, ask questions, and network with peers and experts. It also includes invitations to live webinars and Q&A sessions, access to additional research materials, and use of professional valuation templates and Excel tools. Community membership can be renewed annually after the first year.
Observers get free access to basic content, introductory materials, the program roadmap, and read-only community access, perfect for getting a risk-free impression before committing. CDAV Members get full access to all six learning modules, the CDAV Exam (online test + case study), the official certificate and digital badge, Memberspot community posting rights, live webinars, valuation tools and templates, and a listing in the CDAV Directory after passing the exam. You can upgrade from Observer to Member at any time.
Absolutely. The CDAV is the logical evolution of traditional valuation expertise, combining proven principles of professional business valuation with the specific challenges of the digital asset economy. Depending on local regulations, the CDAV can be recognised as continuing education for existing designations such as CVA, CPA, tax advisor, or CFA. As tokenised assets enter mainstream finance, the CDAV positions you at the forefront.
The curriculum was developed by an interdisciplinary expert team within EACVA, combining expertise in traditional valuation, blockchain technology, regulation, and digital finance. Instructors include international experts from practice, academia, and regulation, as seen in the free webinar series featuring specialists from leading institutions and universities.
Ready to Lead the Future of Valuation?
Join the first generation of Certified Digital Asset Valuators.