Bitcoin

The Gulf region has been a major source of crypto capital, licensing (VARA in Dubai, ADGM in Abu Dhabi), and sovereign-backed blockchain initiatives. A consulting slowdown tied to Saudi government work suggests fiscal tightening or reprioritization that could reduce the pipeline of tokenization and digital asset advisory mandates across the Big Four, which have been aggressive crypto entrants.

PwC reported revenue growth that trailed Deloitte and EY, with EMEA revenues rising 0.7% amid the war in Iran and a slowdown in work for the Saudi Arabian government.

PwC's EMEA Revenue Crawls Up 0.7% as Iran War and Saudi Slowdown Bite

PwC's EMEA stall is a leading indicator of Big Four crypto advisory revenue deflating — and that's quietly bearish for tokenized RWA and CBDC pilot pipelines that depend on their consulting muscle.