Nasdaq halts plans to launch crypto custody service due to regulatory uncertainty Bitcoin BTC Ether
- The institutional adoption narrative for digital assets hit a snag on Tuesday as Nasdaq announced that it is halting its plans to launch a crypto custody service due to the uncertain regulatory conditions in the United States.
She said the firm remains committed to developing its digital asset business, they just want to ensure that they have the necessary licenses and approval from regulators to avoid any fines or enforcement actions. Nasdaq first announced the plans for its crypto custody project in September with the initial goal of offering customers custody services for Bitcoin and Ether .
Nasdaq took these lawsuits as a sign to pause the rollout of custody services to ensure that the eventual release is done in full regulatory compliance. Yang said Nasdaq “might re-initiate” the launch of custody services “within 18 months to two years.” He noted that this could happen sooner if the current bull market continues, or later if a bear market ensues.
“The world of cryptocurrencies is still very much the Wild West, with regulatory bodies around the globe grappling with how to manage and oversee this burgeoning sector,” Allen said. “Nasdaq, being a stalwart of financial markets, is likely taking a step back to ensure they are not stepping into uncharted territory without a clear map.”
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