Denmark’s Financial Supervisory Authority (FSA) ordered investment bank Saxo to divest its cryptocurrency holdings because financial institutions in the country are prohibited from crypto trading activities, according to a July 5 statement.
“On 4 July 2023, the Danish Financial Supervisory Authority decided that Saxo Bank A/S’ trading in crypto assets for its own account is found to lie outside the legal business area of financial institutions, including section 24 of the Financial Business Act.”
FSA noted that while Saxo’s crypto holding was used to hedge the market risks associated with its crypto-related products, the Financial Business Act does not include cryptocurrency trading as a legal business area for financial institutions.
“Saxo Bank A/S’ trading in crypto assets for its own account has taken place in order to cover risks in connection with the offering of other financial products. However, this does not change the fact that the activity, in itself, is
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