PwC Malta launches auditing tool for crypto

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PwC Malta has launched an auditing tool that can be used to provide assurance services for entities engaging in cryptocurrency transactions, according to a press statement published by the group.

PwC Malta notes that organisations are rapidly changing the way they work and how they capitalise on new technologies like blockchain and distributed ledger technologies (DLT) — innovations that bring challenges that may put stakeholders in an uncertain position.

“Blockchain and other emerging technologies are making our clients rethink the way they do business. With the addition of this new tool to our suite of software we believe that we can continue to add value to our clients and help build trust in these emerging technologies,” said David Valenzia, Territory Senior Partner of PwC Colombia.

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Since Malta adopted three bills last year regulating virtual financial assets, the island nation has often been referred to as the “Blockchain Island”. As a matter of fact, Malta has attracted players operating and providing services in the cryptocurrency space who are in the process of obtaining a license in terms of the Maltese Virtual Financial Assets Act, the PwC press statement reminds.

Therefore, PwC Global assembled its leading assurance professionals, software developers and blockchain experts to develop assurance solutions to support this complex, emerging area.

Furthermore, PwC thinks that with the launch of their new software tool, they are “well-positioned” to provide audit and other assurance services to their clients and prospective clients holding or transacting in cryptocurrency.

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PwC Malta says the new software they launched can provide independent, substantive evidence of pairing the private key and the public address, which process is needed to establish ownership of cryptocurrency. Furthermore, the software is seen to securely interrogate the blockchain to “independently” and “reliably” gather corroborating information about blockchain transactions and balances.

In addition, PwC has started leveraging its new solution to support audits of clients engaged in cryptocurrency activities, the press statement adds. PwC is also working with companies to help them address the new opportunities and challenges of blockchain and cryptocurrency, including supporting them to implement the processes and controls they will require in order to obtain assurance reports from their auditors, the statement adds.

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The group can use its new tool to provide assurance services to clients transacting in bitcoin, bitcoin cash, bitcoin gold, bitcoin diamond, litecoin, ether, ERC20 – OAX token, and ripple (XRP).