The Coinbase crypto exchange has been granted a special license by the US Securities and Exchange Commission and the US Securities and Exchange Commission FINRA. This authorization also authorizes Coinbase to list any securities deemed to be “securities” under US law. This was reported by Bloomberg.
A Coinbase spokesman told Bloomberg that the SEC and FINRA have allowed Coinbase to buy various securities traders. These include Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC. Through these purchases Coinbase comes into possession of various licenses. With these, Coinbase can offer security tokens and act as a broker-dealer as well as a registered investment adviser.
Period is not clear yet
The spokesperson further said that Coinbase will now integrate its technology into its new subsidiaries. However, he did not specify a timeframe for this.
Last week, the San Francisco-based crypto exchange said it was checking the listing of five new coins. These include Cardano (ADA), Basic Attention Tokens (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX). In addition, Coinbase announced that a listing of the tokens is not guaranteed.
Back in June, Coinbase announced it would also support Ethereum Classic (ETC) and ERC-20 tokens. The company said at the time that the decision to support had another purpose. It's about “paving the way for supporting ERC 20 tokens in future Coinbase products.”
In March 2018, the SEC had already provided guidance on trading in tokens, which should be classified as “securities”. According to the Securities and Exchange Commission, crypto exchanges that offer trading in such tokens would have to register with them and have themselves regulated. Accordingly, the same rules would apply as for conventional exchanges. The SEC added that companies that wanted to operate as alternative trading systems are also subject to regulatory requirements. It said:
More crypto exchanges will follow
“Registering as a broker-dealer means that alternative trading system providers must comply with a whole range of regulatory requirements. Such providers need appropriate policies and processes to prevent the misuse of important, non-public information. In addition, they must fulfill accounting and recording obligations. Furthermore, financial responsibility principles apply, including, where relevant, with regard to the safeguarding of customer deposits and securities. “
Besides Coinbase, other companies are also interested in this type of approval. That's because the SEC has already announced that it sees many coins as securities in principle. Without a SEC license, US companies could no longer offer these coins in the US, according to an official statement by the SEC. Naturally, the companies want to anticipate this and thus arm themselves for the future.
Sources: Bloomberg, Coinbase, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/erste-grosse-bitcoin-boerse-erhaelt-erlaubnis-wertpapier-tokens-zu-notieren/
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