ComplySci Stats: 83% of compliance professionals feel monitoring cryptocurrency is or will soon become a compliance priority

It’s official – cryptocurrency has gone mainstream. The SEC discussed crypto earlier this year, increased regulation is anticipated, and more individuals and organizations are investing in cryptocurrency than previous years.

Last August, we asked compliance professionals about cryptocurrencies in a ComplySci Stats survey, and we learned that while 53% of compliance professionals anticipate monitoring cryptocurrency will become a future priority, only 10% had created a policy around it.

Four months later, has anything changed? We surveyed a group of compliance professionals during a recent ComplySci Supervisor Webinar to find out.  We learned:

  • 25% of attendees feel monitoring cryptocurrency is a compliance priority, and they have already created a policy around it.
  • 20% of attendees feel monitoring cryptocurrency is a compliance priority, but they don’t have a policy yet.
  • 38% of attendees say monitoring cryptocurrency is not yet a priority, but they anticipate it will become a priority in 2022.

So now, four months later, compliance interest in cryptocurrencies has grown.

83% of survey respondents feel monitoring cryptocurrency is or will soon become a compliance priority, and 25% say they have already created a policy around it.

In our survey, we also learned the policies compliance teams use to monitor cryptocurrency trading has varied:

  • 18% of attendees require employees to preclear cryptocurrency trading like any other trade.
  • 26% of attendees require preclearance of cryptocurrency trading but have different requirements from other securities.

As the investment landscape continues to expand, compliance teams will need to update their employee monitoring processes to keep up with emerging trends.

Preclear employee’s cryptocurrency trade requests and automate employee monitoring in your compliance program. Request a demo of ComplySci today.