Danish Financial Authority Orders Saxo Bank to Sell Crypto Assets | CoinDesk JAPAN

The Danish financial supervisory authority announced on July 5 that it had ordered the sale of crypto assets (virtual currencies) held by the Danish bank Saxo Bank.

The Danish Financial Supervisory Authority explained that under the current regime it is not legal for banks to carry out such activities as an ancillary business, citing financial stability.

In a statement, the Financial Supervisory Authority said, “Saxo Bank A/S trading crypto assets on its own account was undertaken to cover the risks associated with the provision of other financial products. The fact remains that it is not permitted for financial institutions.”

The Danish Financial Supervisory Authority has also said that the European Union (EU) regulation, known as the Crypto Market Regulation (MiCA), will come into force from 30 December 2024, so such activities will remain in place until then. said it was not regulated.

“Unregulated cryptocurrency trading could create mistrust in the financial system and the Danish Financial Supervisory Authority considers there is no basis for legalizing cryptocurrency trading,” the statement added. .

Saxo Bank did not respond to CoinDesk’s request for comment.

｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: CCData
｜Original: Denmark’s Financial Watchdog Orders Saxo Bank to Shed its Crypto Holdings