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Onchain supervisory monitoring for regulators

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What it is

Onchain supervisory monitoring gives a regulator’s examiners a view of the onchain activity of the crypto firms they license, so they can test it against what each firm reports.

Supervisors can use it to check reported balances, volumes and stablecoin reserves between examinations as well as during them (the BIS explored reserve supervision this way in Project Pyxtrial), and analytics vendors build it into the tools they sell to supervisors.

Goldsky watches each firm’s known addresses, writes their transfers to the supervisor’s warehouse and runs a task that compares reported balances with the chain; totals per firm, findings and any follow-up stay with the examiners.

Who it’s for

Financial regulators and supervisors of crypto firms, and the blockchain analytics vendors that build supervisory tools for them.

How onchain supervisory monitoring works

The diagram follows a licensed firm’s addresses from collection to the questions examiners send back, with the firm’s own report checked against the chain on the way. Your setup may differ.

Your business, step 1: Collect firm addressesFrom analytics vendors and firms’ own disclosures
Goldsky, step 2: TurboWatch those addressesAdded to the live list, no redeploy
Your business, step 4: Total per firmVolume and flows per firm, per period
Goldsky, step 3: TurboLand activity in your warehouseEvery transfer in or out, as it happens
Your business, step 5: Receive the firm’s reportBalances and volumes as the firm states them
Goldsky, step 6: ComposeCheck reported balancesA task compares the filing with the chain
Your business, step 7: Examiners follow upGaps go back to the firm as questions
  • Goldsky

How to run onchain supervisory monitoring

A pipeline lands every transfer of each licensed firm’s known addresses in the supervisor’s warehouse, and a scheduled task Goldsky hosts compares the balances a firm reports with the balances on the chain.

What you’ll need

  • Goldsky Turbo
  • Goldsky Compose
  • The addresses each licensed firm runs, by chain
  • A database for the watch list
  • A warehouse where examiners run their totals
  • A filing system that holds each firm’s reported figures

  1. Gather the addresses each firm runs

    Onchain activity can only be tied to a firm once you know which wallets belong to it.

    Supervisors draw these addresses from blockchain analytics vendors, whose attribution data tie address clusters to named firms, from the reserve addresses some firms publish, and from the firms themselves when asked. An address list that misses a firm’s hot wallets or client wallets gives totals that look like a shortfall.

  2. Watch those addresses

    Handled by Goldsky Turbo

    Firms add and retire wallets, and the watch has to follow without a gap.

    Each address goes on a list checked against every new transfer, and removing a retired address stops new matches. A list that changes only on a release leaves new wallets unwatched until then.

    Turbo Pipelines keeps the list in a dynamic table, which lives in a Postgres database, and matches transfers against it with dynamic_table_check(). Insert an address and the running pipeline starts matching it.

    Watch addresses with dynamic tables (opens in a new tab)

  3. Land every transfer in your warehouse

    Handled by Goldsky Turbo

    Examiners need each firm’s full activity in one place they can query.

    Every transfer in and out of a watched address is written as a row with the firm, token, amount and transaction. When the chain rewrites recent blocks, the warehouse has to correct the same rows, or volumes drift from the chain.

    With Goldsky, the same pipeline can write matches to a warehouse such as ClickHouse, whose sink deduplicates on the primary_key and applies reorg deletes to the same rows.

    Write to ClickHouse (opens in a new tab)

  4. Total activity per firm and period

    Reports state balances and volumes per firm per period, so the chain data has to be summed the same way.

    Examiners total inflows, outflows and volume per firm and reporting period in the warehouse. Periods have to end at the same moment the firm’s report uses, or the two will never match.

  5. Receive the firm’s report

    Licensed firms report their own balances and volumes, and that report is what you’re testing.

    The firm files its figures through your usual reporting channel. Each figure needs the date it applies to and the addresses it covers, or it can’t be compared with the chain.

  6. Check reported balances against the chain

    Handled by Goldsky Compose

    A difference between what a firm reports and what its wallets hold is what an examiner looks into.

    For each report, the reported balance is compared with the balance the chain shows for the firm’s addresses, and every comparison is kept. A check that runs only during an examination finds a gap months after it opened.

    Goldsky’s Compose can run a task on a cron trigger that fetches the reported figures, reads onchain balances with readContract and records both with the result, so each comparison can be audited.

    Read contracts from a task (opens in a new tab)

  7. Follow up on the gaps

    Findings are the supervisor’s, and so are the questions that go back to the firm.

    Examiners review the differences and the totals, ask the firm to explain them and decide on any action. A gap can have an innocent cause, such as an address missing from the list, so the first question is often about the list.

What you control

Your team
  • Gather the addresses each firm runs
  • Total activity per firm and period
  • Receive the firm’s report
  • Follow up on the gaps

Questions and answers

How are stablecoins regulated in the UK?

The FCA will regulate all UK-issued qualifying stablecoins, and issuers that HM Treasury recognizes as systemic will be regulated jointly by the Bank of England and the FCA. Issuing a stablecoin from the UK becomes an FCA-regulated activity from 25 October 2027. The Bank published its policy statement and draft rules for sterling-denominated systemic stablecoins on 22 June 2026; coins used mainly for buying and selling cryptoassets stay with the FCA alone. Either way, an issuer’s coins in issue sit on the chain, where examiners can check them against what the issuer reports.

Security and deployment

  • SOC 2 Type IIIndependently audited security controls.
  • Dedicated infrastructureSingle-tenant options for production workloads.
  • Data residencyCloud, on-premises or co-located.

More use cases that monitor transactions

Use cases built the same way

Run onchain supervisory monitoring with Goldsky

We’ll map it to your systems and show you what Goldsky runs, so your team builds the product, not the pipelines underneath it.

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