Order to “Sell” Cryptocurrencies to Danish Bank!

CryptocurrencyThey are increasing their popularity among institutional investors as well as individual investors.

In this context, banks crypto- while providing custody services, they have also invested in crypto.

However, some countries also keep investors under pressure as they adopt a negative approach to cryptocurrencies.

Danish financial watchdog “The Danish Financial Supervisory Authority (FSA)” In his statement today, he said that it is not legal for banks to carry out cryptocurrency activities as a side business under the current regulations.

In this announcement, the FSA, the Danish bank, Saxo Bankreceived an order to dispose of its crypto assets.

“Saxo Bank offers its customers the opportunity to transact with a range of crypto-asset products through the bank’s platform.

Saxo Bank also engaged in the trading of crypto assets for its own account, to cover the risks associated with the supply of other financial products.

However, this does not change the fact that it is not allowed by Danish financial institutions.

In this context, it has been determined that Saxo Bank’s trading of crypto assets on its own account is outside the legal business area of ​​financial institutions, including Article 24 of the Financial Trading Law.

For this reason, Saxo Bank has been ordered to divest its crypto assets.”

The FSA recently said that crypto activities are currently not regulated in the country, as the European Union’s crypto regulation, known as MICA, comes into effect from December 30, 2024.