KPMG’s new tools should help crypto services firms in complying with regulations.
Big four auditing firm KPMG launched a cryptocurrency management suite with analytic features.
According to a June 22 announcement, the new KPMG Chain Fusion suite is meant to allow financial technology companies to more easily offer crypto asset services on an institutional scale. The news follows a KPMG report which suggested that institutional custody services are of the utmost importance.
Ensuring compliance for crypto businesses
Crypto assets function very differently compared to traditional assets when it comes to technology infrastructure, operational mechanics, and inherent risks. Those differences translate to challenges in data management which are sufficient to meet customer account management, anti-money laundering, and security requirements.
KPMG Chain fusion is meant to address the issues caused by the ways crypto assets are compared to their traditional counterparts. Director and co-lead of the firm’s crypto asset services team Sam Wyner pointed out:
“Regulators and auditors expect fully implemented controls and processes within and across a cryptoasset business — whether they are cryptoasset or traditional systems or anything in between.”
KPMG bets on blockchain
KPMG is increasingly investing in blockchain-related services. Cointelegraph reported at the end of 2019 that the firm launched a blockchain-based track and trace platform in Australia, China, and Japan.
In January, KPMG also predicted that internet-of-things and blockchain technology will be jointly used to manage the fallout of climate change.