StoneX Secures EU Crypto-Asset Service Provider License
StoneX Group announced that StoneX Digital, a division of StoneX, has secured its Crypto-Asset Service Provider licence under the European Union's Markets in Crypto-Assets Regulation, granted by the Central Bank of Ireland. The authorisation represents a further step forward for StoneX as it continues to expand its regulated digital asset capabilities and serve an increasingly global institutional and corporate client base. With this announcement, StoneX Digital, which has been operating as a Virtual Asset Service Provider for over a year, will expand its services across the European Union, offering digital asset execution and custody under one of the most stringent regulatory frameworks globally. Through its various subsidiaries, StoneX and StoneX Digital continue to innovate at the intersection of traditional and digital finance.
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Senate Cryptocurrency Legislation Faces Setback After Coinbase Withdraws Support
Crypto Bill Status: A proposed crypto bill aimed at establishing clear industry regulations is facing significant setbacks after Coinbase withdrew its support.
Committee Vote Delay: Senator Tim Scott has postponed a scheduled committee vote on the bill, indicating further complications in the legislative process.
Ongoing Efforts: Despite the current challenges, advocates for the bill are determined to continue fighting for its passage.
Industry Impact: The developments highlight the ongoing uncertainty and volatility within the cryptocurrency regulatory landscape.
StoneX Partners with EDG to Enhance Digital Asset Offerings
- Strategic Partnership: StoneX Digital has entered into a strategic partnership with Enhanced Digital Group, leading EDG's Series A funding round and acquiring a minority stake, aimed at expanding the scope and sophistication of their digital asset offerings.
- Market Demand Response: By integrating EDG's bespoke OTC derivatives solutions with StoneX's digital asset trading platform, both firms will provide institutional clients with more comprehensive risk management and investment strategies, addressing the growing market demand.
- Enhanced Innovation Capability: Since its launch in June 2022, StoneX Digital has focused on providing sophisticated trading tools for institutional clients, and this partnership will expedite its time to market, enhancing its competitive edge in the digital asset space.
- Industry Integration: EDG's founders noted that partnering with StoneX will strengthen their capabilities in the digital asset derivatives space, reflecting the industry trend of convergence between traditional finance and digital assets.
