The Danish Financial Supervisory Authority (FSA) has ordered Saxo Bank, one of the world’s largest banks, to sell its crypto assets.
In a post published by the FSA on its official website on July 5, Saxo Bank’s compliance with the regulations against making a move treasury management in the scope of cryptocurrency investment did it and it termination stated that it should. The FSA also ordered Saxo to sell its holdings of crypto assets.
In the regulator statement, these investments of Saxo Bank treasury management activities in the scope of hedging financial risks for the purpose, but still outside the field of activity Because it’s an operation against the regulations reported that he was moving.
Under the current regulations, it is illegal for banks to carry out such activities as a side business in order to maintain financial stability.
FSA, the European Union’s (EU) regulatory framework for the cryptocurrency market MiCA legislation From 30 December 2024 Therefore, in the current situation, the crypto sector will be operational. unregulated stressed that.
The FSA made the following statements on the subject:
Unregulated crypto-asset trading can create distrust in the financial system, and the FSA does not consider it to be sufficiently grounded to legitimize crypto-asset trading.
On the other hand, in the FSA’s statements, Saxo Bank’s any rule violation fine to its decision not found.