KPMG: “Crypto assets are a big deal.”
KPMG, one of the world’s major consulting and auditing companies, has released an extensive report on cryptocurrencies, which went into great depths with explaining on why cryptocurrency is no longer to be ignored. Additionally, the 42-page report also cited the major challenges the crypto industry is currently facing, as well as how and when exactly it will be institutionalized. Here is a snapshot of the key findings in the report.
1) Regulatory agencies have begun to take cryptocurrency seriously. For instance, a wide range of the forward-thinking regulatory actions have been recently taken by governments worldwide in order to create a clear legal background for the crypto industry to operate. According to KPMG, this will inevitably drive growth in institutional participation.
2) Cryptocurrencies play a leading role in developing countries and are already replacing fiat there. Additionally, crypto has a huge potential to resolve a number of ongoing issues traditional economies face. KPMG takes Argentina as an example, where a globally accessible and decentralized store of assets has a huge opportunity to stabilize impact on country’s economy. As the ‘recommended’ currency for such transformation, KPMG brings up Bitcoin.
3) The cryptocurrency’s current largest barrier from it becoming a mainstream is its volatility – the issue that will be ultimately completely resolved with more institutional participation.
Additionally, to the key findings on the industry, KPMG also provides a lot of essential information on compliance, security and financial reporting. You can read the full report here.