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Nasdaq Halts Launch Of Cryptocurrency Custody Service

International securities market Nasdaq is placing on maintain the launch of its personal cryptocurrency custody, which it beforehand deliberate to launch by the tip of the second quarter of 2023.

It suspended the launch as a consequence of regulatory dangers in the USA, CEO Adena Friedman introduced in the course of the agency’s Q2 outcomes name.

“This quarter, in mild of the altering enterprise and regulatory surroundings in the USA, we now have determined to pause our respective efforts to pursue the launch of the US digital asset custodian enterprise and related licensing,” Friedman stated.

The Nasdaq CEO emphasised that the corporate is dedicated to the event of the digital asset enterprise, saying:

“We proceed to construct and ship know-how capabilities that place Nasdaq as a number one supplier of digital asset software program options to the broader international trade. This contains advancing our custody answer as a know-how platform to serve the broad, international digital asset market.”

Friedman additionally stated that Nasdaq will intently monitor the marketplace for potential regulatory occasions within the coming months.

Nasdaq initially introduced its crypto custody venture in September 2022. The agency had deliberate to launch an official division to permit prospects to securely retailer bitcoin (BTC) and ether (ETH).

Related: Valkyrie ‘BRRR’ Spot Bitcoin ETF Enters SEC’s Nasdaq Rulemaking Itemizing

As of March 2023, the corporate was shifting ahead on plan, aiming for a launch by the tip of July.

The information comes as main cryptocurrency corporations are additionally working to listing a spot bitcoin exchange-traded fund (ETF) on the Nasdaq change. The USA Securities and Trade Fee is presently contemplating two Spot Bitcoin ETF proposals below Nasdaq Rule 5711.

This can be a growing story, and extra info will probably be added because it turns into accessible.

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