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FINRA Grants OTC Markets Approval for Securities Trading of Digital Assets
Crowdfund Insider | | May 12, 2023
Image: Unsplash/Austin Distel
During its earnings call, OTC Markets revealed that on May 5th, it had received FINRA approval to provide services for digital assets which are securities.
- OTC Markets gains FINRA approval for trading digital asset securities:
- In the recent earnings report, R. Cromwell Coulson, President and CEO of OTC Markets, announced that they have received FINRA approval to allow broker-dealers to trade digital asset securities on their OTC Link ATS. This development aligns with OTC Markets' mission of operating regulated markets for broker-dealers and securities issuers.
- Updated Membership Agreement for Digital Securities Transactions:
- OTC Markets has updated its membership agreement to enable OTC Link subscribers to potentially quote and trade digital asset securities via OTC Link ATS. The impact of such activity on OTC Link's financial results remains uncertain.
See: Kraken, Web3 Foundation, Republic Crypto to Testify in Front of House Subcommittee on Digital Assets Financial Inclusion and Regulatory Gaps
- OTC Markets Ready to Provide Liquidity for Digital Securities:
- Cass Sanford, OTC Markets Deputy General Counsel, emphasized the importance of proper disclosure for investor protection and stated that OTC Markets is prepared to offer a market for digital securities.
- With the belief that digital assets are considered securities by the SEC, OTC Markets aims to provide liquidity for these assets in the future.
- Overall, OTC Markets' FINRA approval and readiness to facilitate trading in digital asset securities demonstrate their commitment to operating regulated markets and providing trusted solutions for investors in the evolving digital asset sector.
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