The Canadian operations of Big Four auditor Klynveld Peat Marwick Goerdeler or KPMG could play a role in institutions entering the crypto space, according to two team members.
At the Collision Conference in Toronto on Tuesday, Kareem Sadek and Kunal Bhasin of KPMG’s Canadian Crypto Assets and Blockchain Services team told Cointelegraph that the firm has added bitcoin (bitcoin) and ether (Ethereum) to its balance sheet to show others that it “has a place in the game”. According to Sadek, owning digital assets is just the first step into the crypto space.
“We think it’s best to go through this journey ourselves – to show the community that we are a part of it and that we support the community,” Bhasin said. “We also support the institutionalization of space.”
Sadek added that the company’s foray into the cryptocurrency space was not based on a “fluke” of falling prices, but rather having a governance committee do the research and move on. Despite the current bear market, Bhasin said there is still room for maturity in this space, and many institutions may come with a deeper understanding in the future.
According to the pair, KPMG’s crypto team is seeing “a lot of momentum” in the tokenization of assets in the real estate market and beyond, but is also considering potential growth in non-fungible tokens (NFTs) and Metaverse:
“[The Metaverse] Still in the early stages – the company is still exploring. But once the space is ready, they will continue to explore and delve into it. ”
The KPMG team added that if adoption increases, regulators can turn their attention to institutions to provide companies with a framework to conduct “due diligence” on investors. Canadian regulators have provided a favorable environment for the company to explore cryptocurrencies, according to Sadek, adding that KPMG has launched a survey in 2022 aimed at measuring the growth of the field.
In 2021, Canadian officials Initiate regulatory action Opposed to cryptocurrency exchanges Poloniex and OKex, and warned companies not to promote “gambling-style” promotions. However, the country is also home to the first Bitcoin (bitcoin) exchange-traded funds, i.e.Initiated by purpose in February.
“Bear or not, institutions continue to ask these questions [on NFTs, the etaverse, Web3, and crypto],” Basin said. “They’re continuing to explore. “