Deloitte Forms Alliance with Chainalysis to Support Digital Asset Compliance - Tokenhell

On Tuesday, July 25, the London-based professional service provider Deloitte created a strategic alliance with Chainalysis, a crypto analytical firm. In a blog post, the Chainalysis team announced that the alliance aimed at addressing the compliance issue in the digital asset sector.

During the Chainalysis conference hosted in Washington, DC, the analytical firm announced that it has mutual clients with Deloitte battling compliance challenges. The alliance will strengthen the business relationship between Chainalysis and Deloitte.

Deloitte Creates Strategic Alliance with Chainalysis

According to the blog post, the Deloitte client’s will use Chainalysis software programs, including blockchain datasets, analytical tools, and training programs to conduct their forensic research. Also, the Deloitte team will leverage Chainalysis’ proprietary tools to uphold compliance and meet the regulatory requirements.

Over the past, the Chainalysis team has gained popularity due to its cutting-edge analytical tools that help in risk management and intelligence purposes.

According to Chainalysis, regulators are mandated to formulate policies on digital assets while the law enforcers prioritize creating blockchain-oriented tracing tools that support compliance. The enforcement approach regulators adopt forces financial institutions to develop effective strategies that uphold compliance. It implies that the alliance between Chainalysis and Deloitte will help develop holistic solutions on risk management

Speaking at the conference, the chief revenue officer at Chainalysis, Thomas Stanley, announced that the alliance aimed at supporting clients to uphold compliance. The official stressed that Deloitte and Chain Analysis share clients in law enforcement, finance, and regulatory agencies

Stanley stated that the alliance will focus on meeting the needs of the mutual clients since they form a solid customer base for Deloitte and Chainalysis. Also, the mutual client will implement advanced technologies such as blockchain to meet compliance requirements.

Chainalysis and Deloitte Seeks to Support Regulatory Compliance

The utive admitted that the alliance had existed for years, aiming to push for the adoption of blockchain technology. With the joint forces, Chainalysis and Deloitte will establish the alliance in the US before expanding to other jurisdictions

In his detailed report, Stanley encourages other critical economic players to replicate the Chainalysis move. He expressed optimism that other markets overseas will be inspired to form more alliances on digital asset compliance matters.

A report from the head of Deloitte’s blockchain and digital assets advisory, Time Davis, revealed that the professional giant plans to offer innovative risk management, compliance, and analytics solutions.

Davis acknowledged that the adoption of digital assets continues to gain momentum. With the recent adoption of digital assets, Deloitte is forced to step up and offer client advices on ways to address potential risks of cryptos. He claimed that the alliance with Chainalysis marks a significant milestone for Deloitte to venture in digital asset innovation

Challenges Facing Regulatory Agencies

In a separate report, the Deloitte Group outlined the challenges facing government agencies when addressing crypto-related crimes. The Deloitte team lamented that international standards limit regulatory agencies from gathering information involving foreign exchanges.

Addressing the challenges on compliance, the Chainalysis team expressed optimism that the alliance with Deloitte will help the regulators to bring down bad players. The blockchain analytic firm mentioned that the partnership with the leading professional network would support regulators in identifying criminals orchestrating unlawful activities.

Additionally, the alliance will support the regulators to take legal action against bad actors. This will be achieved by supporting the regulators to trace fund transfers made by the suspects

The Chainalysis team will utilize the blockchain and digital assets practices adopted by Deloitte to address the risk associated with digital assets. The analytical firm will leverage Deloitte’s proprietary tools to conduct core analytics, investigations, KYC, and compliance duties.

Subsequently, the Deloitte team plans to train professionals on ways to use Chainalysis tools. Deloitte ranks among the “big four” accounting firms scouting for talents in diverse fields.

In a recent publication, the Deloitte team posted job openings for 300 professionals in the crypto sector. Besides providing professional and financial advice, Deloitte has gained an interest in crypto and blockchain technology.

In February, Deloitte sealed a partnership agreement with Vatom, a Web3 platform aiming at introducing virtual reality (VR) to different fields. Under the partnership agreement, Vatom agreed to support Deloitte in launching VR technology in business and the corporate sector.

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.