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According to the Danish Financial Superior Authority (DFSA), Saxo Bank must divest from its cryptocurrency holdings as trading in crypto assets is “outside the legal scope of banks.” The regulator noted that while the Markets in Crypto Assets (MiCA) regulations will make the holding and trading of digital assets legal, it doesn’t go into effect until December 30, 2024.
Saxo global communications head Lasse Liholt stated that the order from the DFSA does not relate to the bank’s crypto offering and won’t force it to stop offering access. Liholt noted that Saxo Bank customers do not own the underlying cryptocurrency, but rather a financial product that tracks the price of the digital asset.
It is important to note that cryptocurrencies are still unregulated and the DFSA highlighted that unregulated trading in crypto assets can create distrust of the financial system.
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