The findings highlight the need for clearer guidelines, As well as adopting more policies and software solutions
Rockville, MarylandAnd the September 27 2022 /PRNewswire/– StarCompliance (“Star”), a leading provider of employee compliance technology solutions, today released the key findings of its second annual Crypto & Compliance Survey, which examined how companies in the financial market handle employee compliance with crypto trading. The survey was conducted to build awareness and provide greater clarity on monitoring employee and property transactions of crypto assets.
The results show that out of the total population of those companies surveyed on an annual basis, 37% now have a cryptocurrency trading policy for employees, while another 31% intend to put such a policy in place this year. Companies that do not have plans to establish such a policy in 2022 have indicated that they will implement the policies in accordance with regulatory guidelines once this directive is formally in place.
“As adoption of crypto and digital assets continues to grow, companies need to focus more on monitoring and tracking employee crypto transactions and holdings, to ensure that they meet specific regulatory standards for securities.” Will HagertyStar product manager. “With the publication of the results from our crypto-compliance survey, we hope to clarify some of the confusion that still exists about which digital assets are and which are not. We also hope to guide companies on implementing crypto-trading compliance with best practices.”
Here are the key findings from Star’s second annual Crypto and Compliance Survey:
- More than half (57%) of respondents estimate that their employees invest less than 25% of their tradable assets in cryptocurrencies. However, 39% did not know how much of their employees’ tradable assets were actually invested in cryptocurrencies.
- The majority of respondents (63%) consider millennials to be the generation of employees who trade digital assets the most. This is likely because millennials are the first “digital natives,” those for whom digital assets are not seen as fundamentally different from traditional ones.
- 60% of respondents expect formal regulation and guidance on employee crypto trading activity in the next 18 months, with a small subset (12%) not expecting to implement regulatory policies anytime soon.
- The number of companies reporting that they are “not confident” in their understanding of how employees trade crypto assets has fallen by 13% since 2021. However, more than 40% of those surveyed still lack confidence in their understanding of the extent of activity. This indicates that there is still work to be done when it comes to improving monitoring of crypto trade.
Star’s Crypto Pre-Clearance software solution enables companies to monitor the crypto assets their employees are trading, and take the first step toward preventing potential conflicts related to this activity. The program’s capabilities include pre-clearance of trade order: allowing employees who want to trade and sell cryptocurrency to do so easily while providing business insight into that activity.
Find more details of the survey results over here.
Star employees will take an in-depth look at the survey results – and provide guidance on how companies can prepare themselves to stay committed – at Synergy ’22 company events in both London (September 27) And the Washington DC (October 23-25). Seats are still available. learn more over here.
StarCompliance is the world’s leading provider of compliance technology solutions. Star’s future-ready compliance platform is trusted globally by forward-thinking companies in 114 countries and provides on-demand configurability, multi-jurisdictional safety, and the actionable intelligence you need to monitor conflicts, meet regulatory obligations, and reduce risk. Compliance no longer needs to be complicated. Check out the intuitive and straightforward Star user experience and give your employees the multi-layered protection they need to comply with confidence. www.starcompliance.com
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