PwC Announces Blockchain Analytics Tool for Tracking ICO Tokens

by March 14, 2018 0 comments

PricewaterhouseCoopers (PwC) has announced that it is working on a blockchain analytics tool designed to trade digital tokens from the launch. The tool will assist companies in guarding against the misuse of their tokens for illicit purposes.

PwC and its Hong Kong-based forensic services partner, Eric Young, revealed that the company seeks to capitalize on the growing interest in raising funds through (ICOs) among businesses in Asia across all sectors including manufacturing, technology, and retail.

Some of the analysts have inferred that PwC aims to capitalize on the migration of many Asian cryptocurrency companies to Hong Kong and Singapore – by owing the respective jurisdictions’ lack of prohibitive regulations with respect to ICOs amid China’s cryptocurrency crackdown.

Mr. Young has stated that the new tool will allow token issuers to track the circulation of a cryptocurrency once launched. It will enable companies to take preventive measures with respect to its use in illicit transactions. “While on the blockchain ledger one could track the amount of transactions that have been done using the cryptocurrencies, there is still no way for an issuer of an ICO to trace its coins and know how these coins are being used,” said Mr. Young.

“With artificial intelligence built into our back engine, our solutions would enable clients to better predict which jurisdictions the digital token could potentially be circulated to. Depending on the type of company and the type of business it is engaged in, it could then apply a high-risk score to that particular jurisdiction,” he added.

In recent months, PwC has worked alongside companies who are seeking to launch ICOs by assisting them with some of the legal considerations such as know-your-client an anti-money laundering measures, in addition, to support and counsel in litigations, and advise regarding tax structuring.

No Comments so far

Jump into a conversation

No Comments Yet!

You can be the one to start a conversation.

Your data will be safe!Your e-mail address will not be published. Also other data will not be shared with third person.