Global consulting firm EY is now a corporate member of Singapore's blockchain industry association Access. EY wants to support the local blockchain community as they develop solutions and services for multiple sectors.
Access, the Singapore cryptocurrency and blockchain industry association, welcomes EY among its latest corporate members, according to a media release sent on Thursday. The trade body was founded in Singapore in 2014, and advocates on behalf of the blockchain and cryptocurrency industry locally.
Current membership of Access stands at 110 individual and 130 corporate members. This reflects the exponential interest in the blockchain technology and cryptocurrencies in the city-state. The Singapore Intellectual Property Office recently announced an initiative for fintech companies to reduce the patent process from two years to six months, including platforms using blockchain technology.
Most Exciting Areas
«Blockchain is one of most exciting areas of innovation impacting diverse sectors and industries. Cryptocurrency is one of the initial use cases of blockchain with financial services being one of the first sectors with numerous emerging opportunities in the domains of digital asset management, trade finance, smart contracts and know-your-customer,» Varun Mittal, Asean fintech leader at EY, said.
«As blockchain technology expands into various industries and changes the way businesses function fundamentally, initial coin offerings and digital tokens are no longer a niche asset class, and businesses need to address the key accounting and tax considerations carefully,» Desmond Teo, a partner at financial services tax, EY, added.
