PwC Warns Lack of Insurance Access Is Hindering Crypto Businesses
businesses find it “almost impossible” to get and this is deterring investors, Big Four auditor (PwC) told Dec. 20.
In comments focusing on the globalmarket, Henri Arslanian — the firm’s fintech and crypto leader for Asia — highlighted the contradictory status quo industry businesses face trying to attract funding.
“Most institutionally-minded crypto firms want to buy proper insurance, and in many cases, getting adequate insurance coverage is a regulatory or legal requirement,” he told the publication, continuing:
“However, getting such coverage is almost impossible, despite their best efforts.”
The paradox is made more painful by investors’ persisting high levels of interest in getting into the space, Reuters adds, quoting a September survey that placed such interest at 72 percent among institutional investors.
Following a year offor participants and issuers of initial coin offerings ( ) in particular, investment and long-term prospects of crypto operators has come under the spotlight once more.
giant — whose reported plans to conduct an (IPO) in were revealed in June — has faced of misgivings on the part of both local regulators and prospective host, the Hong Kong Stock Exchange (HKEX).
At the same time, those involved in funding crypto businesses, such as cryptocurrency merchantGalaxy Digital, that the entry of institutional investors is both guaranteed and a major step to legitimizing the market.