Deloitte, Chainalysis partner to ‘address’ crypto compliance challenges

Deloitte and blockchain data platform Chainalysis have announced a strategic partnership to improve cryptocurrency compliance measures for their mutual clients.

Deloitte and Chainalysis have joined forces to help their shared clients navigate the complex world of crypto compliance.

Announced on July 25, the strategic alliance comes after several years of planning and will primarily focus on serving the U.S. public sector customers and financial institutions.

While specific beneficiaries of this partnership have not been disclosed, it has been shared that these clients can utilize both Chainalysis’ blockchain dataset, analytics software, and training program and Deloitte’s forensic, investigative, and compliance services.

Deloitte, being one of the “Big Four” accounting firms, has a history of providing blockchain services to its clients, aiding them in defining blockchain objectives and accelerating the building of blockchain prototypes.

As part of this alliance, Chainalysis will work alongside Deloitte’s digital assets unit to update clients on issues concerning risk management, anti-money laundering, know-your-customer (KYC) regulations, and overall regulatory compliance.

Thomas Stanley, president and chief revenue officer of Chainalysis, highlighted the potential implications of the partnership on law enforcement. “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,” Stanley stated.

Deloitte has recently shown a broadening interest in the crypto sector, advertising over 300 roles related to digital assets, cryptocurrency tax implications, and even NFTs in April 2023. The firm’s growing attention to the crypto sphere marks a trend toward an increased focus on the evolving digital currency landscape.