Crypto Compliance Just Got An Upgrade: Deloitte, Chainalysis Team Up
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Deloitte, a Big Four accounting firm, and blockchain analysis company Chainalysis announced on July 25 a strategic partnership focused on improving crypto compliance for their mutual clients.
The announcement comes after several years of planning and aims to serve primarily U.S. public sector customers and financial institutions. Both companies declined to name the specific clients that would benefit from their partnership.
This collaboration allows shared clients to leverage Chainalysis’ blockchain data and analytics software, as well as its training programs. At the same time, these clients can utilize Deloitte’s services to better manage their forensic, investigative, and compliance programs.
Deloitte offers a range of blockchain services to its clients, including setting blockchain goals and objectives and speeding up the development of blockchain prototypes.
In tandem, Chainalysis will collaborate with Deloitte’s digital assets team to educate clients on risk management, anti-money laundering, know-your-customer (AML/KYC) requirements, and regulatory compliance.
Thomas Stanley, Chainalysis’ president and chief revenue officer, expressed confidence that the partnership would be instrumental in assisting law enforcement efforts related to crypto compliance:
“For law enforcement agencies, regulators, and financial ecosystem players across the nation, the alliance offers new, collaborative solutions that help identify transformation gaps, accelerate mission success at enterprise scale, and mitigate risk while increasing revenue.”
Reflecting its growing focus on digital assets, Deloitte posted more than 300 job roles in April 2023 related to digital assets, cryptocurrency tax implications, and even NFTs.
Meanwhile, U.S. stablecoin issuer Circle has engaged Deloitte to audit its proof of reserves in January 2023, stressing the importance of a USD-backed base for stablecoins:
“Going forward, Circle will be audited by Deloitte.”