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Big Four accounting firm Deloitte and blockchain analysis company Chinalysis announced on July 25 a strategic partnership focused on improving crypto compliance for their mutual clients.
The announcement comes after several years of planning, primarily to serve US public sector customers and financial institutions. Both companies declined to name specific clients who would benefit from their partnership.
The collaboration allows shared clients to leverage Chainalysis’ blockchain data and analytics software and its training programs. At the same time, these clients can leverage 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 expediting the development of blockchain prototypes.
Chinalysis will collaborate with Deloitte’s digital asset team to educate clients on risk management, anti-money laundering, know-your-customer (AML/KYC) requirements and regulatory compliance.
Thomas Stanley, President and Chief Revenue Officer of Chainalysis, expressed confidence that the partnership will be critical in assisting law enforcement efforts related to crypto compliance:
“For law enforcement agencies, regulators and financial ecosystem players across the country, this alliance offers new, collaborative solutions to help identify transformation gaps, accelerate mission success at enterprise scale, and reduce risk while increasing revenue.”
Deloitte posted over 300 job roles for April 2023 related to digital assets, cryptocurrency tax implications and NFTs.
Meanwhile, the US Stablecoin Issuer Circle intervened to audit Deloitte’s proof of reserves in January 2023, emphasizing the importance of a USD-backed foundation for stablecoins:
“Going forward, the circle will be audited by Deloitte.”