Australia’s Crypto Firms Allies with Chainalysis to Enhance Compliance Practices

Chainalysis, announced collaboration with Australian Crypto firms like Assembly Payments and cryptocurrency exchanges CoinSpot and CoinJar.

By · Aug 25, 2020 . 8min read

Chainalysis compliance in Australia

Today, Chainalysis, the blockchain analysis company, recently announced collaborating with leading Australia-based payments provider Assembly Payments and cryptocurrency exchanges CoinSpot and CoinJar. The association intends to enhance compliance standards. CoinSpot and CoinJar will apply Chainalysis KYT (Know Your Transaction) and Chainalysis Reactor for transaction monitoring and enhanced due diligence. 

Assembly Payments will utilize Chainalysis Kryptos. Kryptos is the industry’s reference directory for cryptocurrency services and their on-chain activity. Further, the solution supports them to make more knowledgeable decisions about the cryptocurrency businesses they operate with. Moreover, it offers a reference directory for similar services and their on-chain activity.

 The Assembly payments will leverage the Kryptos platform. It will analyze regulatory hazards, develop risk assessment models. Additionally, it will handle the complexities of offshore expansion provided the different compliance issues in jurisdictions. Additionally, Chainalysis has signed CoinSpot, one of Australia’s top cryptocurrency platforms, by trading volume. Furthermore, it has also collaborated with Coinjar, which claims to be the country’s longest-running digital currency exchange. 

“Ensuring we have as many measures in place to protect CoinSpot customers from bad actors in the industry is a top priority for our business. We are strongly in support of promoting trust and compliance across the eco-system. Access to these data facilities is yet another instrument that enables CoinSpot to provide industry-leading customer service and security as Australia’s most trusted exchange.” 

said Russell Wilson, CEO at CoinSpot.

“By leveraging the same dataset and suite of solutions trusted by regulators, law enforcement, and payment providers in Australia, we feel confident that we are providing our customers with the best and safest possible platform to transact,” said Asher Tan, CEO, CoinJar.

Cryptocurrencies and Compliance in Australia

Recently, cryptocurrencies seem promising in Australia. Chainalysis data shows that Australia’s cryptocurrency volumes are now floating approximately 1 billion dollars in monthly activity. Thus, it is roughly double the monthly volumes from 2019. The development of the market strengthens the growing importance of proper compliance.

The growth in crypto activity has proposed that the Australian tax office investigates the nation’s cryptocurrency users. Further, it has asked the users to report their operations to confirm tax compliance. Moreover, reminding them of severe penalties if they fail to report income or pay tax on crypto holdings. 

“At Chainalysis, we are always striving toward improving trust and compliance practices in the cryptocurrency market on a global-scale, and Australia is a key component to our mission,” said Jason Bonds, Chief Revenue Officer, Chainalysis.

The growth in the cryptocurrency market has proposed the significance of proper compliance to ensure the safe and responsible adoption of cryptocurrency. This will be done by exchanges like CoinSpot and CoinJar in the region. Assembly Payments is a leading Australian payments provider. Moreover, it is a leader in establishing compliance standards and expects its consumers to show their commitment to compliance.

Follow Cryptodose for more updates.

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