The Hellenic Capital Market Commission has awarded Ernst & Young advisory and support services related to the assessment of a licensing application submitted by a crypto-asset service provider (CASP) of significant supervisory importance and international reach. The mandate concerns the review of the applicant’s file under the European Union’s Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114 (MiCA), which establishes a harmonised framework for the supervision of crypto-asset activities across the EU.
The assignment followed a competitive process in which major international audit and consulting firms were invited to submit technical and financial proposals. Pricewaterhouse Coopers Business Solutions did not take part, as it did not submit an offer. Bids were received from Deloitte, Ernst & Young, KPMG and Grant Thornton.
Although Deloitte Business Solutions submitted the lowest-priced offer, it was excluded from the process after being found not to meet essential requirements of the call. In particular, the proposal was assessed as insufficient in terms of the detailed presentation of the project team and the documented depth of expertise in areas considered critical for the assignment, including information technology, cybersecurity and regulatory compliance. The proposals submitted by KPMG and Grant Thornton were deemed technically acceptable, but were ultimately not selected due to their higher financial cost.
The Capital Market Commission therefore approved the award of the contract to Ernst & Young Greece, whose proposal combined full compliance with the technical and legal specifications of the call with the lowest price among the qualifying bids, bringing the contractor selection process to a close.
