Deloitte, Chainalysis partner up in quest to achieve crypto compliance

Deloitte and Chainalysis will become strategic partners in a bid to boost crypto compliance among their shared clients, Chainalysis revealed in a statement Tuesday.

Chainalysis told Blockworks the partnership has been in the works for “several years” and will “serve US public sector customers and financial institutions.”

Both Deloitte and Chainalysis declined to offer up specific clients that will benefit from this partnership.

Mutual clients of the two companies can now use Chainalysis’ blockchain dataset, analytics software, and training program, while also taking advantage of Deloitte’s services to manage forensic, investigative and compliance programs, according to the press release.

Deloitte’s website said the Big Four firm offers “blockchain services” to its clients. One thing its consultants help with is “defining blockchain goals and objectives,” while also accelerating the building of customers’ “blockchain prototypes.”

Chainalysis will work alongside Deloitte’s digital assets outfit to update clients on risk management, anti-money laundering and know-your-customer (AML/KYC) requirements, and regulatory compliance, among other things.

Chainalysis’ president and chief revenue officer, Thomas Stanley, said the collaboration between his firm and Deloitte on crypto compliance is poised to significantly aid law enforcement efforts.

“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 said in a statement.

Deloitte has recently signaled increased broader interest in crypto, listing over 300 roles in April 2023 that had to do with digital assets, cryptocurrency tax implications, and even NFTs.

Native crypto firms are also interested in the services Deloitte can provide, with USDC issuer Circle hiring the accounting giant to audit its proof of reserves in January 2023.