The Delay in Nasdaq’s Crypto Custody Service Launch
The global securities marketplace, Nasdaq, has decided to postpone the launch of its cryptocurrency custody service due to regulatory risks in the United States. Nasdaq had previously applied for a trust company charter, emphasizing its commitment to securing the required approvals. However, the evolving business and regulatory landscape have prompted the company to pause its scheduled launch and pursue relevant licenses.
Main Breakdowns:
- Nasdaq’s proposed cryptocurrency custody service launch has been put on hold.
- The decision is driven by regulatory risks in the United States.
- Nasdaq had previously applied for a trust company charter to develop its venture.
- The company will now pause its launch and pursue relevant licenses.
- Nasdaq remains dedicated to the development of digital asset businesses.
Friedman’s Commitment and Ongoing Regulation
Nasdaq CEO Adena Friedman reaffirmed the company’s dedication to the development of digital asset businesses, despite the temporary setback. Nasdaq plans to continue building advanced technological capabilities and become a leading provider of digital asset software solutions. Friedman emphasized their focus on advancing their custody solution and assured stakeholders of their commitment to crypto. The company will closely monitor regulatory events in the upcoming months, as regulators have shown increased scrutiny towards cryptocurrency companies.
Hot Take:
The delay in Nasdaq’s cryptocurrency custody service launch highlights the regulatory challenges faced by traditional finance firms entering the crypto sector. This decision showcases the importance of obtaining relevant licenses and navigating regulatory frameworks. Despite the setback, Nasdaq remains committed to the development of digital asset businesses and aims to be a leading player in the industry.
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