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FINRA Grants OTC Markets Approval for Securities Trading of Digital Assets

Crowdfund Insider | | May 12, 2023

Unsplash Austin Distel digital markets - FINRA Grants OTC Markets Approval for Securities Trading of Digital Assets

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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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NCFA Jan 2018 resize - FINRA Grants OTC Markets Approval for Securities Trading of Digital AssetsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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