Nasdaq cancels development of crypto asset custody service based on regulatory considerations
According to a report by CoinDesk, the U.S. stock exchange Nasdaq, NDAQ, announced during this week's Earnings Call that it has canceled its plans to launch a cryptocurrency custody service in the second quarter. Looking back to March: Nasdaq's custody business was to include cryptocurrencies in Q2.
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Nasdaq CEO: Cancelling Cryptocurrency Custody Business
Nasdaq CEO Adena Friedman announced during a conference call for earnings that they are canceling their planned cryptocurrency custody business.
Despite Nasdaq having applied to establish a trust company with the New York Department of Financial Services (NYDFS) to handle cryptocurrency custody, they have decided to put the plan on hold due to the U.S. business and regulatory environment, opting to seek compliant licenses.
Does Nasdaq Want to Engage in ETF Business?
Currently, entities seeking to launch a Bitcoin spot ETF, including BlackRock, are working with Coinbase to submit a surveillance-sharing agreement. Nasdaq is also
Nasdaq CEO Adena Friedman mentioned during the conference that the company will continue to engage in the digital asset industry through various means, including partnerships with companies expected to issue ETFs.
Cboe has resubmitted a filing for a spot Bitcoin ETF, designating Coinbase as the surveillance-sharing agreement partner.