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KPMG Canada partners with Chainalysis to tackle crypto frauds
- The collaboration is aimed at combating digital asset fraud and enhancing anti-money laundering efforts.
- The two will work to address the record-high $20.6B in global cryptocurrency-based illicit transactions.
- They will provide advanced blockchain monitoring and governance.
In a strategic move to address the escalating threat of fraud and criminal activities in the digital assets sector, KPMG Canada has joined forces with blockchain analytics firm Chainalysis.
This partnership aims to bolster companies’ capabilities in adhering to evolving crypto regulations and advancing their anti-money laundering compliance programs.
Enhancing crypto security measures amid growing threats
The collaboration between the Canadian arm of KPMG and Chainalysis comes as the digital asset sector witnesses an increase in the sophistication of exploits and frauds.
The Chainalysis 2023 Crypto Crime Report revealed a record-high global cryptocurrency-based illicit transaction volume of $20.6 billion in the previous year. Notable incidents, such as wallet hacks and SIM swaps, have underscored the need for robust security measures within the crypto space.
KPMG Canada aims to leverage its extensive knowledge in cryptoasset financial crimes by providing advanced blockchain monitoring, support, governance, and risk management.
Chainalysis and KPMG Canada partnership
This collaboration will enable organizations to adopt a more comprehensive approach to mitigating fraud risks in crypto transactions. Jonathan Levin, Chainalysis co-founder and chief strategy officer, expressed confidence in the partnership, stating that combining KPMG’s expertise with Chainalysis’ industry-leading risk capabilities will contribute to a more effective defence against fraud in the crypto space.
KPMG Canada has been actively involved in the cryptocurrency sector, extending its footprint into the metaverse and making strategic additions to its balance sheet with bitcoin and ether. This move underscores the consulting giant’s commitment to staying ahead in a rapidly evolving digital landscape.
The collaboration between KPMG Canada and Chainalysis signifies a joint effort to navigate and address the complexities of financial crimes in the crypto sector, which continue to pose challenges to the security of digital assets.
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UK Finance Minister proposes a sandbox initiative for crypto regulations
- UK Chancellor Jeremy Hunt has revealed plans for a cryptocurrency legislative initiative.
- The government aims to pass legislation to officially establish the Digital Securities Sandbox (DSS).
- The DSS will provide a controlled testing environment for crypto technologies and services.
In a move aimed at bolstering the digital asset sector, UK Chancellor of the Exchequer Jeremy Hunt announced a legislative proposal for a Digital Securities Sandbox (DSS) during the mini-budget announcement on Wednesday.
As part of the Autumn Statement, Chancellor Hunt outlined 110 measures for economic growth, including the introduction of the Digital Securities Sandbox.
The proposed Digital Securities Sandbox (DSS)
The proposed legislation aims to create a controlled testing environment for crypto technologies and services, facilitating the adoption of digital assets across financial markets.
The government plans to lay a statutory instrument to officially implement the DSS, in line with the Edinburgh Reform announcement to establish a Financial Market Infrastructure Sandbox in 2023. The DSS initiative is slated to commence in the first quarter of 2024.
In July, the UK government initiated a consultation on the DSS, which is run by the Bank of England and the Financial Conduct Authority. The objective is to strike a balance between fostering innovation and maintaining regulatory standards. Feedback from the industry has praised the emphasis on innovation without compromising on regulatory outcomes.
However, the DSS has some exclusions, notably unbacked cryptoassets, due to the absence of an established regulatory regime. The early activities in the DSS are expected to be focused on GBP-only assets, with the potential inclusion of non-GBP digital assets subject to a decision by the Bank of England.
Implications for the digital asset industry
The Digital Securities Sandbox represents a significant commitment by the UK government to provide a supportive environment for the growth of the digital asset sector. Industry experts, including Zodia Markets General Counsel Dina White, see this as a crucial step in the digitalization of financial instruments.
White notes that the DSS will enable firms to experiment with digital asset technology, establishing critical financial market infrastructure such as central securities depositories and trading venues. This move aligns with the broader trend of digitalization across financial instruments, paving the way for experimentation within an established industry.
The introduction of the Digital Securities Sandbox reflects the UK government’s proactive approach to integrating digital assets into the financial landscape. The controlled testing environment is expected to encourage innovation while ensuring regulatory oversight, contributing to the ongoing evolution of the digital asset sector in the UK.
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