In a bullish report released by professional services firm PwC Luxembourg, 61% of 123 Luxembourg-based financial players are “embarking or planning to embark on a crypto journey.”
The report comes hot on the heels of competitor professional services firm KPMG Canada’s decision to add Bitcoin (BTC) and Ethereum (ETH) to its treasury. It appears the Big Four is warming up to crypto.
Thomas Campione, blockchain & crypto-assets Leader for PwC Luxembourg, told Cointelegraph that “For many years, traditional players have been looking at crypto-assets with skepticism.” He added that a possible combination of “branding issues” and a lack of understanding may have stymied growth in the space in the past.
However, the negative sentiment may be on the turn. Campione told Cointelegraph:
“It is becoming clear however that 2022 shall be a pivotal year when it comes to crypto-assets management.”
The report shares that the “rate at which the global crypto-assets industry is undeniable,” and attempts to use Luxembourg as a “lens” through which one can gain a better understanding of the nascent asset class.
The only Grand Duchy in the world, Luxembourg is a tiny European country that punches well above its weight in the financial services and blockchain industries. In 2021, the PM declared his desire for Luxembourg to be the ‘digital frontrunner’ in blockchain.
OG’s in the cryptocurrency space will remember that PwC Hong Kong began accepting payments in BTC in 2017. Campione told Cointelegraph that PwC Luxembourg began the same process in 2019.
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While the report cites energy consumption, anti-money laundering concerns and “regulatory fragmentation” as challenges facing the cryptocurrency industry; critically, one-fifth of the businesses surveyed in the report already view “crypto-assets as a strategic priority.”
“Taken into consideration that Luxembourg is the second investment funds hub in the world, these results clearly set the tone on what to expect in the market in the very near future.”