{"id":81278,"date":"2023-07-05T15:33:42","date_gmt":"2023-07-05T12:33:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81278"},"modified":"2025-09-11T21:53:59","modified_gmt":"2025-09-11T18:53:59","slug":"danish-authorities-order-saxo-bank-to-wind-down-cryptocurrency-trading","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/danish-authorities-order-saxo-bank-to-wind-down-cryptocurrency-trading\/","title":{"rendered":"Danish authorities order Saxo Bank to wind down cryptocurrency trading"},"content":{"rendered":"<p><span data-descr=\"Financial Supervisory Authority\" class=\"old_tooltip\">FSA<\/span> of Denmark has ordered the local Saxo Bank to liquidate its positions in digital assets by the end of 2024. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-07-05\/danish-regulator-orders-saxo-bank-to-stop-own-trading-in-crypto\">Bloomberg<\/a> reports.<\/p>\n<p>The regulator explained that proprietary cryptocurrency trading is not among the activities permitted for financial institutions.<\/p>\n<p>Saxo Bank launched a platform for clients to trade cryptocurrencies. For hedging purposes, the firm added an undisclosed amount of digital assets to its balance sheet.<\/p>\n<p>The new rules governing crypto markets will take effect by the end of 2024, and the field remains unregulated for the time being, the FSA reminded.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Engaging in such activity may undermine trust in the financial system,&#8221;<\/em> \u2014 the statement says.<\/p>\n<\/blockquote>\n<p>In June, Members of the European Parliament <a href=\"https:\/\/forklog.com\/en\/news\/eu-reaches-agreement-on-crypto-asset-regulation-in-the-banking-sector\">agreed<\/a> a transitional<a href=\"https:\/\/forklog.com\/en\/news\/eu-reaches-agreement-on-crypto-asset-regulation-in-the-banking-sector\">prudential regime<\/a> for the protection of the financial system from &#8216;unbacked cryptocurrencies&#8217;. It is designed to reduce risks for banks holding such assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Danish Financial Supervisory Authority has ordered Saxo Bank to liquidate its digital-asset positions by the end of 2024. The regulator said proprietary cryptocurrency trading is not among the permitted activities for financial institutions. Saxo Bank had launched a crypto trading platform for clients and, for hedging, added an undisclosed amount of digital assets to its balance sheet.<\/p>\n","protected":false},"author":1,"featured_media":81279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1703,36,2050],"class_list":["post-81278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-denmark","tag-regulation","tag-saxo-bank"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=81278"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81278\/revisions"}],"predecessor-version":[{"id":81280,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81278\/revisions\/81280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/81279"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=81278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=81278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=81278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}