- Decentralized Capital teams up with BDO to provide revolutionary auditing and assurance for local cryptocurrencies
- BDO to provide auditing services to Australian blockchain and crypto companies
- This move is expected to hasten the possibility of publicly traded bitcoin ETFs in the ASX
On June 12, 2019, accounting firm BDO announced the launch of wide-ranging cryptocurrency and blockchain auditing services suite. This paves the way for the first bitcoin ETF on the Australian Securities Exchange (ASX).
Decentralized Capital founder Stephen Moss stated the necessity of reliable and independent auditing in securing regulatory approval for the company’s proposed bitcoin ETF. He added that the company would pursue an application for a wholly audited and insured ETF in the next six months.
Speaking to Mick, a leading news agency in Australia, He stated:
“This product opens the doors for us to put forward an application for a Bitcoin ETF. Any reputable ETF listed on the ASX should have a reputable auditor. Provided you can work with regulators and the ASX to offer investors security I think Australia is possibly an ideal place to list a Bitcoin ETF.”
About Decentralized Capital
Decentralized Capital is a leading provider in blockchain assets & investments, providing quality over-the-counter (OTC) trading and asset management services. The firm is part of the Aura group, an international financial services corporation specializing in corporate advisory, funds and wealth management with operations in Australia, Singapore, Thailand, and Vietnam.
The need for Crypto Audits
The remarkable partnership between Decentralised Capital and BDO is widely expected to attract more institutional investors to blockchain companies and offer some much-needed transparency and credibility in the blockchain industry.
BDO possesses the required blockchain know-how for the audits, along with experience in financial statement audits, controls assurance reports, anti-money laundering, counter-terrorism, and fraud independent reviews, accounting advice, and board governance support. This makes it the ideal firm to handle the issues experienced in blockchain applications and bring some tangible credibility to the sector.
Mr. Moss went on to explain the need for transparent auditing in the crypto space, stating:
“One of the biggest barriers holding institutional investors back is the lack of transparency about the quality of digital assets. By providing comprehensive audit and assurance services, our entry into this growing sector will be a game changer for new investment into this asset class.”
Benefits of an ETF for Bitcoin
The push for a publicly traded bitcoin ETF has been in the works for some time, with countries such as Australia and Switzerland working in the frontline to make it a reality. Bitcoin ETFs would lift the price of bitcoin to new highs. This would expose the asset class to new investors with deep pockets that were formerly unable to invest in bitcoin, such as mutual funds and pension funds.
The U.S is currently lagging in actualizing bitcoin ETFs which imply that the country could potentially lose out on crypto adoption.