Even 'trustless' entities need auditing, according to PwC's global crypto leader.
Professional services giants around the world are playing an increasingly important role in the cryptocurrency sphere, according to a new report from CoinTelegraph: indeed, the 'Big Four' of the multinational professional services firm world--Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY) and KPMG--are all gearing up their capabilities to serve crypto and Blockchain firms.
As such, the role of PwC and other professional services firms seems to play an increasingly important role in cryptocurrency adoption across the globe. Henri Arslanian, PwC's global crypto leader, said that since he joined PwC three years ago, there has been a marked increase in the firm's crypto-related business dealings.
Specifically, PwC has formed "crypto teams" in 20 countries, consisting of 200 people that perform tax and accounting challenges, as well as audit and assurance services for crypto-related projects.
"Just within the cryptocurrency sector, we've conducted over 350 engagements in the last 18 months," Arslanian said.
Additionally, "over the last couple of months, we've expanded our work. We recently closed the first-ever crypto fundraising deal at PwC, in which we led a $14 million Series A round for a Swiss-based crypto firm with Asian family offices. We are also the auditor for BC Group, a publicly listed crypto company in Hong Kong."
Even 'trustless' systems need auditors
Although cryptocurrency and blockchain systems are built to be "trustless," in that they are decentralized, Henri Arslanian told CoinTelegraph that auditing these systems is necessary to provide a greater sense of trust to the traditional financial world.
"Although Bitcoin was designed with a trustless ideology, the reality is that the industry still requires trusted entities to catalyze the development of the ecosystem," he said.
Hugh Madden, chief executive of BC Group (which has used PwC as an auditor for two years), told CoinTelegraph that having regular audits of cryptocurrency systems lends confidence to investors and users who may otherwise be skeptical.
"Auditing, like regulatory clarity, provides confidence to all stakeholders that companies are operating transparently and adhering to expected industry standards," he said. "As the business of digital assets continues to grow and mature, and compliance and regulatory standards become more robust, auditors will continue to play a pivotal role."
Indeed, last year, KPMG and Forbes Insights conducted a survey among finance executives to determine the importance of blockchain expertise in auditing: 79% of respondents said that they expect their auditor to explain blockchain's impact on their business and on the financial reporting environment.
Erich Braun, KPMG United States blockchain audit leader, told CoinTelegraph that as audits of blockchain systems become the expectational norm, blockchain systems should increasingly be intentionally developed in compliance with accounting standards, as well as other regulatory requirements.
"SEC issuers will want to design blockchain technologies to support the entity's internal control over financial reporting," Braun said.
"Being able to demonstrate how these technologies achieve their objectives in a well-controlled environment is critical to a successful blockchain strategy. If the technology is not auditable, the immense benefits it brings, such as increasing efficiencies and cutting costs, may not be realized."
Professional services giants around the world are playing an increasingly important role in the cryptocurrency sphere, according to a new report from CoinTelegraph: indeed, the 'Big Four' of the multinational professional services firm world--Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY) and KPMG--are all gearing up their capabilities to serve crypto and Blockchain firms.
As such, the role of PwC and other professional services firms seems to play an increasingly important role in cryptocurrency adoption across the globe. Henri Arslanian, PwC's global crypto leader, said that since he joined PwC three years ago, there has been a marked increase in the firm's crypto-related business dealings.
Specifically, PwC has formed "crypto teams" in 20 countries, consisting of 200 people that perform tax and accounting challenges, as well as audit and assurance services for crypto-related projects.
"Just within the cryptocurrency sector, we've conducted over 350 engagements in the last 18 months," Arslanian said.
Additionally, "over the last couple of months, we've expanded our work. We recently closed the first-ever crypto fundraising deal at PwC, in which we led a $14 million Series A round for a Swiss-based crypto firm with Asian family offices. We are also the auditor for BC Group, a publicly listed crypto company in Hong Kong."
Even 'trustless' systems need auditors
Although cryptocurrency and blockchain systems are built to be "trustless," in that they are decentralized, Henri Arslanian told CoinTelegraph that auditing these systems is necessary to provide a greater sense of trust to the traditional financial world.
"Although Bitcoin was designed with a trustless ideology, the reality is that the industry still requires trusted entities to catalyze the development of the ecosystem," he said.
Hugh Madden, chief executive of BC Group (which has used PwC as an auditor for two years), told CoinTelegraph that having regular audits of cryptocurrency systems lends confidence to investors and users who may otherwise be skeptical.
"Auditing, like regulatory clarity, provides confidence to all stakeholders that companies are operating transparently and adhering to expected industry standards," he said. "As the business of digital assets continues to grow and mature, and compliance and regulatory standards become more robust, auditors will continue to play a pivotal role."
Indeed, last year, KPMG and Forbes Insights conducted a survey among finance executives to determine the importance of blockchain expertise in auditing: 79% of respondents said that they expect their auditor to explain blockchain's impact on their business and on the financial reporting environment.
Erich Braun, KPMG United States blockchain audit leader, told CoinTelegraph that as audits of blockchain systems become the expectational norm, blockchain systems should increasingly be intentionally developed in compliance with accounting standards, as well as other regulatory requirements.
"SEC issuers will want to design blockchain technologies to support the entity's internal control over financial reporting," Braun said.
"Being able to demonstrate how these technologies achieve their objectives in a well-controlled environment is critical to a successful blockchain strategy. If the technology is not auditable, the immense benefits it brings, such as increasing efficiencies and cutting costs, may not be realized."
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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