“Trust Is Needed For Mass Crypto Adoption”: PwC Partner

The crypto winter in the market is still here – as seen in the latest digital currency news which indicate new losses. But despite that, lawyers are still busy with crypto and there is definitely some movement leading to potential adoption. Meanwhile, governments are trying to figure out how to regulate the market entirely.

According to Dr. Guenther Dobrauz who is a Partner and Leader of PwC Legal Switzerland, PwC is “actively working with some five or six governments” towards implementing blockchain regulations or as he said, “rules that are attractive to build on.”

Still, Dobrauz admits that the number of token-sale related requests has decreased but not disappeared. As he said in an interview with one crypto news outlet:

“We’re still supporting ICOs [Initial Coin Offerings] and STOs [Security Token Offerings] – only last year, we had like 50 requests a week. That died down, but we still have like 10 requests per week, which is quite significant.”

PwC is also busy right now with institutional players, describing them as “those wishing to be institutionals.”

As Dobrauz continued:

“We’ve been handling the vast majority of banking licenses for those who want to become crypto banks, or for existing banks who want to expand their offering. We’re also offering wallet services, trading opportunities and so forth. Then we work on the product level, on structuring funds, notes, all kinds of products based around the new crypto and blockchain universe. We currently have something like 30 jurisdictions where we actively work with this that I coordinate.”

To sum things up, Dobrauz noted that in order for big wins to come in crypto, there should be a major level of trust involved. He stressed that “if you want mass adoption, you need trust.”

“Kind of like cars – the first cars were crazy, but in order to sell them to the masses, they had to be standardized, people had to trust it. Essentially, you need rules that people believe in. In that sense, compliance and regulation are good things”, the partner at PwC concluded.