KPMG Gibraltar is a company that provides audit, tax and advisory services, operating in 155 countries worldwide. By teaming up with Hassans law firm, the two organizations plan to host a “Decrypting the Myths” seminar in Gibraltar on Thursday, December 4.
According to KPMG, the seminar will host panels and speeches from financial and digital currency experts such as Jon Matonis, a founding member of the Bitcoin Foundation and Eric Benz of GoCoin. Siân Jones of COINsult will give a regulatory and legislative background on the legal landscape. She plans on covering taxation and regulation along with security, followed by ethical hacker Konrads Smelkovs, who will speak about keeping digital currencies safe.
Managing director at KPMG, Mickey Swindale, commented on the event, saying the following:
“Since their inception, Bitcoin and cryptocurrencies in general have met with a mixed response. Despite their enormous potential for good, they have a chequered reputation which we believe is largely propagated by a lack of understanding and clarity on the issues they raise.”
The seminar takes place from 2 p.m. to 5 p.m. at the Sunborn Hotel in Gibraltar, afterwards following closing words from Tony Provasoli, the senior partner at Hassans over drinks and canapés. People can digest the amount of information and discuss it with others, talking through concerns or opportunities ahead for themselves and the industry as a whole.
“An event such as this is the perfect opportunity to provide both new initiates and experienced crypto-enthusiasts with a clear and unequivocal appraisal of the industry from those at its forefront. We hope this will constitute a seminal event for Gibraltar and genuinely decrypt some myths.”
Earlier this year, KPMG hosted a panel titled “Bitcoins and Beyond – Payments, Conventional and Alternative” on bitcoin and gaming in relation to legalities and general confusion. It was the company’s fourth annual eGaming summit and reportedly achieved a record breaking number of delegates. The described bitcoin beautifully, defining it as the following:
“Bitcoin is a piece of machine code passed electronically over the internet between computers being used by two individuals who both believe that it represents value.”
The panel also explained why Bitcoin is a threat to the banking industry, but noted that there is no anonymity to Bitcoin due to the public ledger technology known as the block chain. There’s certainly a high amount of privacy, but the block chain shows every single transaction that occurs.
At the panel, the figureheads also explained that Baroness Jolly of the House of Lord’s announcement this past March that the “Gambling Commission has reached an agreement with a number of major payment systems organisations to work together to block financial transactions with unlicensed operators.” The panelists outlined and came to a consensus that the announcement is essentially unenforceable, and explained their reasoning to the crowd.
KPMG seems bent on educating the Gibraltar public on a level that governments are not, taking matters into their hands through seminars and panels. As bitcoin and digital currency continue to gain popularity, more and more education events like this look to be a possibility for countries all over the world. What do you think? Comment below!
Photos courtesy of KPMG and Shutterstock.