Governments Embracing Regulated Crypto Exchanges With Open Arms
The digital currency and decentralized finance (DeFi) industry and the companies within it may have been stonewalled by regulators in the past, but the tides are slowly turning. Russia and Hong Kong are the latest governments to propose plans to license crypto exchanges, signaling a major shift happening within the financial sector as digital currencies become a more significant factor in the global investment landscape. Changing regulations bode well for companies like INX Digital Company , Galaxy Digital , DeFi Technologies Inc. , Voyager Digital , and Coinbase , which are launching products with regulatory approval and stringent guidelines in mind in order to avoid regulatory obstacles.
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Newly listed blockchain-based platform owner INX Digital Company is continuing to work towards its vision to be the preferred global regulated hub for digital assets on the blockchain.
Last July, INX made history by listing the world’s first SEC-Registered digital security following the successful INX Token IPO in April, which raised gross proceeds of $83.6 million from over 7,2500 retail and institutional investors. The company subsequently announced the purchase of a FINRA and SEC registered broker/dealer and ATS now called INX Securities and reduced its trading fees on the ATS significantly, from 2.5% down to only 0.2% for all digital securities.
“This listing of our proprietary digital security, blockchain trading, makes history. Blockchain securities are the future, and INX is leading the way,” said Shy Datika, co-founder and CEO of INX. “In my opinion, securities trading fees digital values have been at ridiculously high levels in this space. For digital values to gain true acceptance, they need to be accessible to everyone, at low fees.”
Since then, INX has opened its cryptocurrency trading platform to the public, finalized its acquisition of Openfinance Securities (now called INX Securities) and acquired interdealer broker ILS Brokers, which has $5 billion monthly volume. The company is also entering the booming non-fungible token (NFT) market through a partnership with Entoro Capital LLC, a leading investment bank for investments and alternative assets to list NFTs offered as securities on the INX Securities ATS. For more information on INX Digital Company,
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A Burgeoning Space for Digital Securities and Tokens
Digital currency exchange Coinbase Global announced that it will be publishing its Q4 and full year 2021 results on February 24. In its Q3 results, the company reported a trading volume of $327 billion and a net revenue of $1.23 billion with an adjusted EBITDA of $618 million.
US-based digital currency platform Voyager Digital is expanding on its partnership with crypto tax software provider CoinLedger to facilitate capital gains, losses and income tax reporting for its users. On February 2, CoinLedger announced that Voyager has made a strategic investment in the company, reinforcing the pair’s shared vision. Now Voyager will be able to use the CoinLedger platform for the upcoming 2021 tax year to import their digital currency transactions and get capital gains, losses, and income reports.
Technology-driven financial services and investment management company Galaxy Digital announced that its affiliate, Galaxy Digital Asset Management reported preliminary assets under management (AUM) of $2.3 billion as of January 31, 2022. Galaxy Digital also recently announced the launch of its Sustainability Program and Strategy, underscoring its commitment to responsible environmental practices, a robust corporate governance strategy as well as an equitable, inclusive environment for employees.
DeFi Technologies Inc., which is fully supporting a more regulatory environment for digital asset investments, announced last week that its wholly owned subsidiary Valour has applied for a Swiss CQF membership through its Switzerland-based entity DeFi Europe AG. The VQF membership is awarded by the Financial Services Standards Association, a self-regulatory association for Switzerland’s financial industry.
Meanwhile, INX Digital Company has continued to solidify its position in the digital asset market and following its public listing, the company is looking to further accelerate its growth and expand into new jurisdictions.
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