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<p class="is-style-lead">The global securities marketplace, Nasdaq, has put on <a href="https://ir.nasdaq.com/events/event-details/nasdaq-second-quarter-2023-results" target="_blank" rel="noopener noreferrer nofollow">hold</a> its proposed launch of a cryptocurrency custody service which was supposed to take place at the end of Q2 2023.</p> 
<p>The decision was driven by regulatory risks in the United States, as disclosed by Nasdaq CEO Adena Friedman during the Q2 results call.</p> 
<h2 class="wp-block-heading" id="nasdaq-pulling-back">Nasdaq pulling back</h2> 
<p>In an earlier report on March 2023, Nasdaq had <a href="https://www.bloomberg.com/news/articles/2023-03-24/nasdaq-eyes-crypto-custody-launch-by-end-of-second-quarter" target="_blank" rel="noopener noreferrer nofollow">applied</a> for a limited-purpose trust company charter to the Department of Financial Services in New York.&nbsp;</p> 
<p>Then, it was highlighted that Ira Auerbach, the senior vice president and head of Nasdaq Digital Assets, had emphasized their dedication to securing the required approvals to develop its first venture.</p> 
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   <p lang="en" dir="ltr">Nasdaq expects to launch crypto safekeeping services this year, joining a growing pool of traditional finance firms moving into the sector after a spate of bankruptcies <a href="https://t.co/Jz8TuFARcs" target="_blank" rel="noopener noreferrer nofollow">https://t.co/Jz8TuFARcs</a></p>— Bloomberg (@business) <a href="https://twitter.com/business/status/1639239609065537536?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 24, 2023</a> 
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<p>However, in light of the evolving business and regulatory landscape within the United States, Friedman&nbsp;<a href="https://ir.nasdaq.com/events/event-details/nasdaq-second-quarter-2023-results" target="_blank" rel="noopener noreferrer nofollow">stated in the call</a>&nbsp;that they will pause their scheduled launch to pursue “relevant licenses.”</p> 
<p>Despite the temporary setback, Friedman reaffirmed Nasdaq’s dedication to the development of digital asset businesses despite a temporary setback.&nbsp;</p> 
<p>The bourse plans to continue building and delivering advanced technological capabilities to become a leading provider of digital asset software solutions worldwide.&nbsp;</p> 
<p>Friedman emphasized the company’s focus on advancing their custody solution as a technology platform to cater to the broader digital assets marketplace.&nbsp;</p> 
<p>Additionally, he assured stakeholders of Nasdaq’s commitment to build crypto. All the same, the stock exchange will keep closely monitoring regulatory events in the upcoming months.</p> 
<h2 class="wp-block-heading" id="ongoing-regulation">Ongoing regulation</h2> 
<p>As of July 2023, eight bitcoin spot exchange-traded fund (ETF) applications have been accepted at the Federal Registrar for Securities and Exchange Commission (SEC) potential approval, a move that could shift institutional adoption of cryptocurrencies in the United States.</p> 
<p>Regulators have previously targeted cryptocurrency companies such as Binance, <a href="https://crypto.news/coinbase-ceo-brian-armstrong-set-to-speak-to-house-democrats-privately/" data-type="post" data-id="14179063" rel="noopener noreferrer nofollow">Coinbase</a>, and Ripple, leading to anxiety in the industry. As a result, many of these big players have sought refuge in other Asian countries.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/valkyries-spot-bitcoin-etf-proposal-is-now-on-secs-nasdaq-rulemaking-list/" rel="noopener noreferrer nofollow"> Valkyrie’s spot Bitcoin ETF proposal is now on SEC’s Nasdaq rulemaking list </a> </p>

Nasdaq delays rollout of crypto custody service in US to pursue ‘relevant licenses’

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