After Clients Demands, Auditing Firm PwC To Start Accepting Crypto Payments In Luxembourg Branch
This Monday, one of the biggest auditing firm, PWC’s, Luxembourg office announced that they are going to be accepting crypto payments from clients from October 2019.
The director of blockchain and crypto assets, Thomas Campione says that PwC could not continue to invest in the field, promote it, build solutions for clients and support their transformation while not also being exposed to it. He states:
“Our role is to lead and it is only by being an active leader with exposure that we at PwC Luxembourg can understand the challenges inherent to the crypto world. It is very difficult to properly appreciate the challenges of AML/KYC-enhanced due diligence in a world made of public/private keys, with the complexity and risks of custodial solutions, or to comprehend the decentralised finance ecosystem growing “next door” without being exposed to it in its day-to-day activities.”
The announcement is notably the next step in the strategy that revolves around proprietary global PwC-branded blockchain products, including a crypto-audit tool, smart trace, smart credentials, and so on.
Their team currently has over 400 staff working on blockchain and crypto-topics supported by more than 100 technical team members focusing exclusively on blockchain technology. They are currently mixing traditional business representatives with pure blockchain developers and technical team members.
The purpose of this new team is to support existing and future clients in their blockchain and crypto-assets journey, to bridge between traditional and decentralized business, and between incumbents and blockchain and/or crypto-born players.
Upskilling will be key and the capacity to build and grow the ecosystem will be at least as important to harvest the true benefits of the technology.
PwC is not the only big 4 auditing firm to venture into cryptos. Deloitte, EY, KPMG and PwC, have got together with 20 banks in Taiwan to trial a service that uses the blockchain technology to make auditing for public companies and their reports.