{"id":31742,"date":"2023-07-05T13:35:41","date_gmt":"2023-07-05T17:35:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/denmark-financial-watchdog-directs-saxo-bank-to-liquidate-its-crypto-assets\/"},"modified":"2023-07-05T13:35:43","modified_gmt":"2023-07-05T17:35:43","slug":"denmark-financial-watchdog-directs-saxo-bank-to-liquidate-its-crypto-assets","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31742","title":{"rendered":"Denmark Financial Watchdog Directs Saxo Bank to Liquidate its Crypto Assets"},"content":{"rendered":"<div>\n<p style=\"text-align:justify;\">Denmark\u2019s Financial Supervisory Authority (FSA) has directed Saxo Bank, a Copenhagen-based multi-asset broker, to dump its cryptocurrency holdings.<\/p>\n<p style=\"text-align:justify;\">The bank\u2019s trading in crypto assets for its own account is found to be \u201coutside the legal business area of financial institutions,\u201d the regulator stated.<\/p>\n<blockquote>\n<p style=\"text-align:justify;\">\u201cUnregulated trading in crypto-assets can create distrust in the financial system, and the Danish FSA considers that it would be unfounded to legitimize trading in crypto-assets.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align:justify;\">Online trading and investment company Saxo Bank launched a crypto offering in May 2021 enabling clients to trade Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) against EUR, USD, and JPY from a single margin account without the need to maintain a crypto wallet. Besides, Saxo already offers various cryptocurrency products including ETNs and ETFs.<\/p>\n<p style=\"text-align:justify;\">The regulatory body, however, after careful assessment concluded that trading in digital assets does not appear in Annex 1 of the Financial Business Act.<\/p>\n<p style=\"text-align:justify;\">Saxo Bank has \u201climited\u201d crypto holdings and the FSA\u2019s orders will have a \u201cvery small impact\u201d on the bank, Lasse Lilholt, a spokesperson for Saxo Bank told Bloomberg.<\/p>\n<p style=\"text-align:justify;\">Saxo will examine the FSA\u2019s decision \u201cthoroughly to consider how we will deal with this.\u201d<\/p>\n<p style=\"text-align:justify;\">The financial watchdog said that European Union&#8217;s crypto regulation \u2013 markets in cryptoassets (MiCA) \u2013 will come into effect from 30 December 2024 and engaging in crypto trading remains unregulated until then.<\/p>\n<h2 style=\"text-align:justify;\">Denmark\u2019s Crypto Status<\/h2>\n<p style=\"text-align:justify;\">The Danish financial regulator stipulates that cryptocurrencies employed for payments are typically non-regulated. However, laws apply to ICOs, depending on their characteristics.<\/p>\n<p style=\"text-align:justify;\">For instance, in order to determine if an ICO is subject to financial regulation, it should demonstrate that the token provides investors voting rights or decision-making over company profits.<\/p>\n<p style=\"text-align:justify;\">This is because FSA is not authorized to regulate tokens that provide such characteristics.<\/p>\n<p style=\"text-align:justify;\">As a member of the European Union, Denmark actively fights to combat money laundering. EU\u2019s anti-money laundering (AML) regulations are technologically neutral, and cryptos come under that too.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/denmark-financial-watchdog-directs-saxo-bank-liquidate-its-crypto-assets.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Denmark\u2019s Financial Supervisory Authority (FSA) has directed Saxo Bank, a Copenhagen-based multi-asset broker, to dump its cryptocurrency holdings. The bank\u2019s trading in crypto assets for its own account is found to be \u201coutside the legal business area of financial institutions,\u201d the regulator stated. \u201cUnregulated trading in crypto-assets can create distrust in the financial system, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":31743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-31742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Denmark Financial Watchdog Directs Saxo Bank to Liquidate its Crypto Assets | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Denmark\u2019s Financial Supervisory Authority (FSA) has directed Saxo Bank, a Copenhagen-based 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