The Danish FSA ordered Saxo Bank to stop working with digital assets by the end of 2024


By the end of 2024, the Danish Financial Supervisory Authority (FSA) has ordered Saxo Bank to stop working with digital assets.

The regulator explained that its own cryptocurrency transactions are not on the list of activities permitted for financial service providers. 

Saxo Bank created a platform for trading cryptocurrency investments and added a certain amount of digital assets to its accounts for hedging purposes. 

The FSA recalled that the new rules regarding cryptocurrency markets will come into force at the end of 2024, so the sector remains "unregulated" until then.

The statement said that carrying out such activities could create mistrust in the financial system. 

Danish regulators have taken an increased interest in Saxo Bank because it has become a systemically important financial institution.

The bank told the FSA that its ownership of crypto-assets is minimal, so the Danish agency's decision will not have a significant impact on its operations.

Earlier, the European Parliament's Economic and Monetary Affairs Committee (ECON) announced that EU representatives had agreed to amend banks' own-capital regulations to allow for the proliferation of digital assets.

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