- Vice President of Nasdaq is hesitant about launching a crypto exchange with no clear regulations.
- “But right now, on the retail side, the market is fairly saturated,” says Cohen.
- Nasdaq hesitates to launch crypto exchange since the US was inconsiderate with laying out clearer regulations.
Executive Vice President of Nasdaq, Tal Cohen, mentioned that Nasdaq had no intentions of launching a crypto exchange until there was greater regulatory clarity and institutional adoption around crypto exchanges.
According to a Bloomberg interview with Cohen, he said:
[Reffering to the discussion about the launch of crypto exchange] Those are discussions we are happy to have. But right now, on the retail side, the market is fairly saturated on the retail side.
Furthermore, he stated that since several exchanges were serving the retail customer base, his company would focus on cryptocurrency custody service for institutions. A new business named “Nasdaq Digital Asset” was launched on September 20.
Notably, when taking into consideration how Nasdaq partnered with XP (NASDAQ:XP), Brazil’s leading brokerage company provider, there seems to be a hesitation in Nasdaq to venture into the crypto exchange in the U.S.
Specifically, it could be due to the flippant approach of the U.S. to create a clear headway on the regulatory front. Despite, the U.S. Securities and Exchange Commission (SEC) led by SEC Chairperson Gary Gensler, voicing the vulnerabilities that the nascent current market possesses, the US has failed to lay out clearer regulations.
Subsequently, during the interview, Cohen slightly shifted his attention to Nasdaq Digital Assets.
As per the blog on the site, the launch of “Nasdaq Digital Asset” underscores Nasdaq’s ambition to advance and help facilitate broader institutional participation in digital assets by providing trusted and institutional-grade solutions focused on enhanced custody, liquidity, and integrity.
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