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Entering the crypto space is the goal of many companies today. The potential of such an innovative new technology is presented as a business opportunity that dominates the current scenario. Within this framework, it is important to be able to set goals and assess the situation of each company in order to streamline its performance. crypto environment and maximize benefits blockchain technology.
In an interview with El Cronista. Leonardo Troelli, EY audit partner specializing in the financial industry, fintech and crypto ecosystem Y: Juan Pablo Grisola, EY Partner in Digital and Transformation in Financial Services They share their vision of this new technology and raise the relevance of considering the maturity level of companies, while presenting the tool proposed by EY to be able to solve this diagnosis.
The challenges of the new environment
“We see a hybrid model that is here to stay, where traditional finance opens the door to alternative finance which demonstrate an effective risk management and regulatory framework. This is happening both in Argentina, in the region and in the main markets of the world,” affirms Leonardo Troelli.
Since HEY! They note that they receive requests for professional services from companies in a wide variety of industries. Consultations cover a wide range that goes from research or research phases to more specific needs that include regulatory, tax, accounting and legal issues, among others.
Experts advise that in any area where a company wants or is thinking of connecting with the crypto environment, it should not do so without consider a multidimensional approach. “For each of these activities, they must consider business issues, regulatory compliance, tax procedures, financial and accounting issues, anti-money laundering and customer knowledge, business and technology risk management (including cyber security) and also legal aspects. Being able to understand and manage each of these aspects allows organizations to demonstrate a solid business and focus more on improving the value proposition,” explains Leonardo Troelli.
Self-assessment to take action
Given this multidimensional approach, it is important for companies to be able to define their goals and take advantage of the advantages and opportunities offered by the crypto environment.
“Even in cases where companies are aware of these dimensions, what we see is that in many cases there is no local expertise on how to address each one, particularly as it relates to the crypto environment,” says Juan. Pablo. Grisola.
This is why EY launched in the market “Crypt Evaluation Tool”, a fully digital self-assessment tool that allows companies to know their level of maturity to enter the crypto environment. “The evaluated company must answer a series of questions about itself, covering all the dimensions we consider relevant. The result of this self-assessment will create a maturity level for each dimension, identifying strengths and weaknesses. that the company is able to identify which aspects it still needs to work on, we created these questions from various sources that include best business practices, regulations established in different countries, plus the specific knowledge of each Leader. our company in various fields: tax, legal, accounting, risk, IT, cyber security, etc., Grisola elaborates.
In turn, Troeli adds: “The utility of this tool is important to come down in this disruptive environment that the crypto ecosystem has brought us in a robust and conscious way.”
The purpose of this development is to simplify the diagnosis so that it is clear for companies that can rely on it Comprehensive advice from experts in every subject.
Manage complexity
This new business and technology model still presents major challenges when it comes to interpreting risk and compliance management methods across industries. Next, some EY experts show us the complexity each dimension presents to consider.
“Not at all specific legislation. A more general framework needs to be used, which presents a challenge to the interpretation of what is the applicable norm.”. Pablo Bizonho, Director, EY Law.
“With this in mind, the entities participating in the business must define a framework risk management based on leading practice to minimize risk and build trust”. Silvia Andrian, EY Risk Partner FS (Financial Services).
“There is no one yet. tax regulation specifically in Argentina, nor in different parts of the world. Incomes from the sale of said assets have started to be taxed with different tax treatment depending on the source and the entity that acquires it.. Christian Micieli, EY tax partner for FS.
“There isn’t one financial accounting framework too detailed, and less from the issuer’s role; To be considered as an asset, it is necessary to assess what kind of instrument it is and the rights to it, as well as the obligations of the issuer.”. Leonardo Troel, EY Partner at Auditora FS, fintech and crypto ecosystem.
“Many in the crypto ecosystem cyber threats and attacks. It is critical to have a cyber security strategy and implement it in these businesses, in addition to raising awareness and helping customers avoid threats.”. Nichols Ramos, EY Cyber Security Partner.
This way, back a multidimensional self-assessment tool and the holistic vision of its team of expertsEY aims to help companies manage business for sustainable development; maximize results and minimize risk.