Since Bitcoin came into being in 2009, cryptocurrencies and the underlying blockchain technology (also called ‘distributed ledger technology’ or DLT) have changed from abstract theories into a transformative force.
In recent years, fintechs have driven rapid development in financial products and financial services using blockchain-based applications. The practical uses are diverse, and the technology has the potential to transform many industries (e.g., logistics and supply chains, IoT, energy, insurance, sharing economy).
At the centre of these developments lie digital assets, such as currency tokens (cryptocurrencies, stablecoins, central bank digital currencies), security tokens, and NFTs (non-fungible tokens). Business models related to digital assets are developing fast, as are the metaverse and Web 3.0. The Metaverse has enormous monetization potential for all stakeholders in its development and usage: metaverse transactions, customer experience, as well as new products and services - the potential for banks and other industries is diverse.
The increasing integration of digital assets in business is associated with complex legal issues, particularly concerning assessments under financial services regulations.
PwC Legal offers sophisticated, expert legal advice for clients operating in this dynamic, fast-growing area, or who plan to do so in the future.
With their broad range of practical experience, our experts not only understand how the technology works, but focus on creating connections between planned business models, the existing market environment, and regulatory requirements. This is essential in order to find tailored solutions for our clients that offer legal certainty.
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