European stock market operator Euronext does not intend to enter the cryptoasset trading space without the support of its authorities, Chief Executive Stephane Boujnah stated on Tuesday.
As Bitcoin rebounded from a crash to reach record highs of nearly $74,000 last week, exchanges that were previously hesitant are now entering the crypto realm. Bitcoin has gained over 50% this year, with significant inflows into U.S.-listed Bitcoin funds.
This month, the London Stock Exchange Group announced that it will be accepting applications for cryptocurrency exchange-traded notes (ETNs), which are debt instruments that expose professional investors to crypto assets but exclude retail investors.
Frankfurt-based Deutsche Boerse also announced this month that it has opened up a regulated cryptocurrency trading platform to institutional investors.
While Euronext’s stance on cryptocurrencies remains uncertain, particularly given its primary trading operations in Italy, France, and the Netherlands, Boujnah emphasized that he has no immediate plans to align with European competitors in this regard.
He said, “We always considered this is an issue we cannot engage without absolute backing from supervisors.”
He added, “We’ve always been very cautious about cryptoassets … a little for conceptual reasons and a lot because our regulators themselves are extremely so.” Boujnah went on to say that while the regulator in France was being extremely circumspect, those in Rome and Amsterdam were obviously against it.
“Our regulators don’t have the same sense of humour,” he said.
The CEO of Euronext was speaking about the actual business of trading crypto assets, not crypto underlying when he made his remarks.
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