PwC Will Release an Analytics Tool for ICO Token Tracking

PricewaterhouseCoopers (PwC), a major multinational accounting firm headquartered in London, has recently revealed that they are developing a special blockchain analytics tool. The new tool will enable ICO issuers to track tokens in circulation and prevent their use in illegal transactions. PwC Already Has Experience with Cryptocurrencies and ICOs With the development of new analytics software, PwC seeks to further capitalize on the growing interest in raising money through ICOs. The firm already offers support in terms of legal and tax counseling to companies planning to organize an initial coin offering, so they are just expanding their range of products and services. PwC is primarily targeting Hong Kong and Singapore-based companies from manufacturing, technology and retail sectors as many of these businesses are interested in conducting an ICO. The reason why the interest in ICOs is significantly higher in Hong Kong and Singapore than in other countries is the absence of prohibitive regulations and the influx of Chinese companies, which are relocating to friendlier countries because of China’s crackdown on cryptocurrencies and ICOs. Analytics Software Currently in Test Phase Eric Young, a Hong Kong-based forensic services partner of PwC, stated that the software will allow token issuers to track and analyze the circulation of their tokens. The software, which PwC is currently trialing, will also enable token issuers to prevent the use of their tokens for illegal transactions. “While on the blockchain ledger, one could track the amount of transactions that have been done using the cryptocurrencies, but there is still no way for an issuer of an ICO to trace its coins and know how these coins are being used,” said Young. The software will also feature some artificial intelligence to identify which jurisdictions may apply.