Over the last few months, the main international consulting services firms – PwC, EY, Deloitte and KPMG – have incorporated dedicated advisory services for the initial coin offers (ICOs).
The services of this group of firms, also known as the Big Four, could help their clients by reducing uncertainty, complying with regulations and successfully completing ICO launches.
The Big Four have definitely paid attention to blockchain technology. Proof of this is that they have hired and trained staff and created departments especially focused on the blockchain. According to Bloomberg’s sources, the Blockchain Leader of Deloitte’s Financial Services Department commented on the company’s advisory services.
What we’ve been doing is advising some investors and some clients on what to do with an ICO — whether they should do one, whether they shouldn’t,” said Eric Piscini, blockchain leader for the financial services group at Deloitte Consulting. “Our stance is very — I don’t want to say risk averse, but it’s very wait-and-see for now on ICOs, because the regulatory environment is changing really fast.
Head of Blockchain’s Financial Services Department, Deloitte
In addition, PwC’s blockchain department leader, Grainne McNamara, explained that this company has maintained its ICO-related services only for customers in Asia and Europe, leaving out the United States. But they have actively evaluated the ICO market in the United States, with the intention of creating a comprehensive framework for potential clients.
In addition, KPMG began providing ICO-related services in the middle of last year, according to Eamonn Maguire, head of blockchain services at KPMG. In addition, according to Jeffrey Grabow, EY’s head of venture capital investments, the firm would also be advising several clients in this market, both in the U.S. and around the world.
Faced with the rapid popularization of the ICOs, several regulatory bodies around the world have turned their attention to this type of offer, especially due to the not uncommon ICO scams that have been witnessed. That is why the U.S. Securities and Exchange Commission (SEC) included the ICOs among its inspection priorities for this year. Recently, however, the SEC chairman stated that not all ICOs are fraudulent and that the right regulations could combat possible scams and strengthen the cryptocurrency market.
Other jurisdictions have been much tougher on ICOs, such as China and South Korea, where they were banned altogether.