The Agency on regulation of activities of financial institutions (FINRA) delays decision-making on obtaining cryptocurrency companies licenses broker-dealers. So, at the moment of approval of such applications for a long time waiting for about 40 companies, according to CoinDesk.
The reason for the delay in the process is unofficial moratorium regulators for approval of applications from organizations involved in cryptonote, experts say. Some believe that FINRA is waiting for clear guidance from the Commission on securities and exchange Commission (SEC) regarding the capacity in which cryptocurrencies will be considered in U.S. law.
Note, despite the fact that the SEC has issued various instructions on the legal status of scriptaction, clear regulations in relation to the industry of digital assets is still lacking.
However, other analysts point out that such a delay is not surprising, as cryptocurrencies are still a relatively new asset class. Apparently, this view is shared by the FINRA:
«Applications for membership from companies offering to do business in the field of digital assets present new challenges and we are in the process of their solution», — said the Agency’s Director of media relations ray Pellechia.
It is worth noting that some of the companies are awaiting approval from FINRA for over a year. If the process will continue to tighten, these firms may make the decision to change the jurisdiction more friendly to kriptonyte.
It is important to emphasize that FINRA is a non-profit private organization, which says broker-dealers and licenses individuals to represent these firms. Technically FINRA may approve only broker-dealers but not qualified custodians. The Agency itself is controlled by SEC.
We will remind, last year FINRA has requested that all broker-dealers a detailed report of the involvement in the cryptocurrency sphere.
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