PricewaterhouseCoopers (PWC), the largest professional services firm in Luxembourg will soon start to accept cryptocurrency from its Luxembourg branc
PricewaterhouseCoopers (PWC), the largest professional services firm in Luxembourg will soon start to accept cryptocurrency from its Luxembourg branch to support the rapidly growing crypto ecosystem in the country.
In a press release, PwC Luxembourg specified that from 1 October 2019, it will start accepting Bitcoin payments. The firm, in collaboration with a Luxembourg based cryptocurrency exchange entity, will soon be operational to incorporate the crypto payments.
Luxembourg as a Tax haven
Luxembourg is considered a tax haven among the global corporations and the ultra-rich community across the world. It also ranks second in world in accommodating 0.114 % ultrahigh net worth individuals (UHNWIs- net assets $30 million or more) of its total population.
Luxembourg also stands as one of the eight major pass-through economies in the IMF’s list, which masses 85 % of the total investments of the world with purposeful interests mostly done for tax evasions.
More about PwC Luxembourg
PwC Luxembourg offers financial services and advisory consultations for management, transaction, and regulatory advice with industry-focused methodology. It has a vast clientele across the globe including local middle-market firms to giant multinationals. PwC ensures smooth operations of the capital markets with its highly focused industry penetration.
The Substantial Step towards Crypto Adoption
PwC Luxembourg stated that the act to accept crypto payments is aimed to address the growing demands from the global market and its loyal clients while providing substantial back support to the European crypto ecosystem.
Since June 2019, the firm has already been focusing on the cryptocurrency transactions by releasing the crypto auditing software service ‘Halo.’ The firm has also been evaluating the discrepancies of cryptocurrency closely and is positive towards adopting the underlying technology and its growing significance in the world economy.
John Park house, CEO PwC Luxembourg stated that cryptocurrency significantly cuts down the operational costs. It also ensures smooth and hassle-free fund transfers across the borders with ease, which provides great expediency to the cross border clienteles.
Globally, 400 employees of PwC are being appointed to tackle Blockchain and cryptocurrency-related issues.
The firm already offers advisory services regarding crypto-assets and Blockchain management and is optimistic that the move to accept the crypto payments will serve the best interests of its customers.
Thomas Campione, Crypto-assets Leader PwC Luxembourg, states that the move will help to assimilate the possible security threats during functioning and the parallel opportunities offered by the decentralized currencies.