graph representation of increase in cryptocurrency popularity

ComplySci Stats: 30% of firms require employees to certify cryptocurrency accounts and wallets

The question of crypto. How does your firm handle tracking or certifying employee cryptocurrency accounts? Do you have a formal policy in place? Does that policy mimic the same guidelines and requirements as other, more conventional, securities?

To Certify or Not to Certify: The Cryptocurrency Conundrum

The popularity of cryptocurrency as an alternative form of investment has grown exponentially over the last few years, seemingly appearing like a rabbit in a hat to redefine how individuals look at investment opportunities. But what does that mean for compliance teams?

  • 30% of firms require employees to certify cryptocurrency accounts and wallets. However, only 21% of firms require employees to preclear any cryptocurrency trading.

While these numbers may not indicate the level of prioritization one might expect given the sharp increase in crypto popularity among the general public, the percentage does bear enough weight to foreshadow an increase in the monitoring over this year and the next.  

In fact, 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.

To avoid being left behind, firms need to act quickly, creating policies and integrating technology to monitor and track an increasingly decentralized financial ecosystem.

Ready to elevate your compliance program? Request a demo today and discover how ComplySci can help you mitigate risk and automate processes.