The leader of PricewaterhouseCopper (PwC) Hong Kong, Henri Arslanian, believes that there will be more institutions entering the space in 2019. He said that during an interview with Bloomberg on December 24. PwC provides consulting and auditing services to companies all over the world.
Banks Will Enter the Crypto Market
During the conversation he had at Bloomberg he said that the next year there will be a lot of exciting things that will be shaping the crypto industry in 2019. At the same time, he expects the coming year to be different than 2018 since there will be more regulatory clarity for companies and actors to operate.
He has also mentioned that there will be important banks entering the market. Arslanian commented that some of these banks are going to be partnering with crypto companies, launching crypto-related platforms or investing in the space. This would help the space to receive investors with expertise in financial investments, allowing the industry to grow.
PwC Hong Kong has been accepting Bitcoin (BTC) payments for their consulting services since 2017 when the market was reaching all-time highs.
Although we have been in a bear market in 2018, there are several firms that remain interested in the crypto market. During this year, several projects have been signing new partnerships and developing their products. When there is no hype in the market, it is possible for companies to expand in the space.
There are already some companies such as Nasdaq that are working in order to launch Bitcoin futures in the near future, among other services. The Intercontinental Exchange (ICE) is another firm that is working in order to launch a digital asset trading platform known as Bakkt. This firm has been specifically designed for institutional investors.
There are many different jurisdictions around the world that are creating new regulations for companies to settle their operations. Regulatory agencies have been struggling to create clear regulatory frameworks around blockchain technology and virtual currencies.
Nevertheless, there are some countries such as Malta or Japan where the situation is clearer. Firms are locating their operations in these jurisdictions and allowing the space to operate under clear rules.