PwC Hong Kong has become increasingly involved in the “broader crypto space”, with advisory work being done on initial coin offerings (ICOs), crypto exchanges and the launch of crypto funds.
Andrew Watkins, chief technology and disruption officer for PwC China and Hong Kong, highlighted how digital products and services developed using blockchain are having a transformative effect in the world of business.
The firm pointed to the fact that the Chicago Mercantile Exchange and the Chicago Board Options Exchange have both indicated plans for future contracts in bitcoin.
However, Watkins acknowledged that it is “still relatively early days” for the technology, and the firm’s emerging technology labs and innovation centres are advising on it.
This is good news for those trading in bitcoin as it signals a shift in attitudes towards the formerly underground payment form, however it’s not so good for the authorities.
In September, experts warned that UK police were finding it difficult to keep up with criminal activity involving cryptocurrencies.