The Danish Financial Supervisory Authority (FSA) has instructed Saxo Bank to eliminate its cryptocurrency holdings, declaring that the bank’s cryptocurrency trade was situated “beyond the lawful commerce sphere of financial providers”. The FSA fears unregulated trading in digital assets could incite mistrust in the finance realm.
Search Results for: Saxo Bank
Navigating the Regulatory Rift: Saxo Bank’s Crypto Divestment Dilemma amidst Evolving EU Policies
“Amid regulatory debates, Saxo Bank was compelled by the Danish Financial Supervisory Authority to divest from its crypto assets to maintain financial stability. However, the upcoming EU’s crypto regulatory framework, Markets for Cryptoassets regulation (MiCA), could reshape the crypto landscape post-2024.”
Blockchain Roundup: NFTs’ Record Low Royalties, Phishing Attacks, Digital Rupee and Yuan Adoption, Danish Crypto Regulations and More
June 2023 marked the lowest level of NFT royalties, yet 342 projects raked in royalties over $1M, and twenty crossed the $10M threshold. In other news, RBI is in talks with 18 countries for adopting the digital rupee for cross-border transactions, and Saxo Bank has been ordered to offload its crypto asset portfolio due to regulatory concerns.