US cryptocurrency trading platform Coinbase has initiated the process to become a fully regulated broker dealer by the US Securities and Exchange Commission (SEC).
It claims to be on track to operate a regulated broker-dealer, pending approval by federal authorities. If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
If approved, these licenses will set Coinbase on a path to offer future services that include crypto securities trading, margin and over-the-counter (OTC) trading, and new market data products according to an announcement from the exchange.
In the post it said: “This step forward is being made possible by our acquisition of a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license,”
To strengthen its position to get the regulatory licenses, Coinbase has acquired three already registered companies – Keystone Capital Corp., Venovate Marketplace., and Digital Wealth. Of these, Keystone and Venovate are registered with the SEC and FINRA as broker-dealers and the Digital Wealth holds an RIA license from the SEC.
“We see this is as an important step toward a more open financial system for the world. We look forward to sharing more updates as we pursue these licenses and strive to bring the benefits of blockchain to the regulated financial services industry.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
