ZenLedger is excited to announce a groundbreaking partnership with COMPLY, global market leader of compliance software, consulting and education resources for the financial services sector. The launch of COMPLY Digital Asset Trade Monitoring, an innovative compliance solution for the digital asset and cryptocurrency market, powered by ZenLedger, is set to bring much needed transparency to global financial institutions and firms.
The Changing Landscape of Digital Assets:
Digital assets, including cryptocurrencies, have become a dynamic and rapidly evolving sector within the financial industry. Regulatory bodies like the U.S. Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) have heightened their scrutiny of this space, resulting in a surge in compliance requirements for individuals and businesses. Over the past year, cryptocurrency firms have faced over $10 billion in non-compliance fines, underscoring the urgency of addressing these challenges.
COMPLY’s Innovative Solution:
Based on COMPLY’s own data, nearly 45% of firms now require their employees to obtain pre-approval for cryptocurrency trades. However, the lack of automated tools for tracking these trades and ensuring compliance has forced many to rely on manual processes. With the growing popularity of cryptocurrencies and increased regulatory pressures, there’s a growing need for technology-backed solutions. David Bliss, COMPLY’s Chief Product Officer, remarked, “The launch of COMPLY’s Digital Asset Trade Monitoring directly addresses the challenges our clients face in today’s evolving market. Financial services firms have lacked a real-time, automated solution for digital asset monitoring, resorting to manual processes and employee-provided data.”
A Synergy of Expertise:
ZenLedger, known for its expertise in blockchain analytics and forensic accounting, is on a mission to bring transparency to the financial industry and expedite the adoption of digital assets. COMPLY, with its extensive experience in providing customizable compliance solutions to a range of financial entities, recognizes the need for tailored solutions in the digital asset space. This partnership between the two companies has made way for Digital Asset Trade Monitoring.
Key Benefits of Digital Asset Trade Monitoring:
This partnership introduces a comprehensive compliance solution that helps enterprise businesses adhere to evolving SEC and IRS regulations. Here are some key benefits:
Digital Asset Trade Monitoring offers:
- Pioneering Integration: A fully integrated Digital Asset Trade Monitoring solution addresses the concerning gap between compliance and the cryptocurrency industry.
- Streamlined Registration and Monitoring: With streamlined digital asset import, the new unified platform will ensure total transparency for employers to comply with current and future SEC or IRS regulations.
- Real-Time Accuracy: ZenLedger’s best-in-class ingestion engine provides real-time accuracy with comprehensive coverage across various digital asset types.
A Leap Towards Simplified Compliance:
Jonté Harrell, ZenLedger’s Chief Financial Officer, highlighted the significance of real-time monitoring, stating, “Real-time monitoring is a significant leap towards simplified, standard enterprise compliance with expected digital asset regulations.” This solution not only answers the call for transparency in the cryptocurrency world but also accelerates progress toward industry self-regulation.
As the global adoption of digital assets continues to rise, and regulations become more stringent, the partnership between COMPLY and ZenLedger marks a significant step forward. This collaboration simplifies compliance processes, ensuring that individuals and businesses are well-prepared for the evolving regulatory landscape. It heralds a new era of compliance in the world of digital assets.
With COMPLY Digital Asset Trade Monitoring powered by ZenLedger, the financial industry gains a powerful tool to navigate the complex world of cryptocurrency compliance with confidence. This partnership not only simplifies compliance processes but also enhances the overall experience for cryptocurrency market participants.