With Binance facing a backlash from a number of regulatory bodies, most recently the UK’s Financial Conduct Authority, it is important for us at TradeStrike to follow these updates closely and ensure we manoeuvre our development in line with any new regulatory changes.
The existing standards governing asset tokenisation are undeveloped due to the blockchain industry being unchartered territory. As such, outdated regulations are having to be warped to accommodate this new tech that operates outside of traditional securitisation. In order to tap into tokenisation’s true potential, new regulations are required.
Countries such as Austria and Luxembourg have already begun a full assessment to see if existing EU regulations can be met and applied, and taking this a step further (due to the undeniable domination of blockchain technology) — Germany, Malta, and Liechtenstein have all been developing a dedicated framework for token regulation.
Andrew Bull, the founding legal partner at Bull Blockchain Law, told Bloomberg that it’s only a matter of time until U.S. regulators approve tokenised stocks.
Mark Steward, FCA’s head of enforcement, said, “We have a number of firms that are clearly doing business in the U.K. without being registered with us and they are dealing with someone: banks, payment services firms, consumers. This is a very real risk so we are worried about that.”
We are not looking to avoid regulatory control at TradeStrike, we will embrace it, as it offers much-needed consumer protection in the cryptocurrency space.
Working with our law firm and their compliance department (which is mostly unrivalled in this space) will ensure TradeStrike successfully launches a fully-compliant trading platform that offers tokenised assets in such a way that ensures the protection of customer's capital, keeps markets efficient, transparent, and prevents fraudulent activities.
— The TradeStrike Team.
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