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REGULATION AND INFRASTRUCTURE: LEVELLING UP CRYPTO AND DIGITAL ASSETS

   
 * 17 Jan 2022
   

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More information

 * Cryptocurrency

 * Nasdaq

 * Regulation

On its arrival, the current generation of digital assets presented an exciting,
untapped frontier for trading. But the ‘wild west’ can’t last forever, and
increased regulation promises more than just security for these markets – it
also provides them with the power to truly thrive

Virginie Barbot, Head of South East Asia Pacific, Market Technology, Nasdaq

Virginie Barbot, Head of South East Asia Pacific, Market Technology at Nasdaq,
believes the future of successful digital asset markets will be defined by three
watchwords. Namely, infrastructure, integrity and the institutionalisation of
new industry verticals.


1. SCALABLE MARKET INFRASTRUCTURE

Since bitcoin’s creation in 2009, cryptocurrency markets have evolved rapidly.
2021 trading volumes, in particular, saw especially remarkable growth, hitting
all-time highs in May. Scalable, stable technical infrastructure is now critical
to providing fair and orderly markets capable of managing high, sustained
transaction loads and coping with peaks during volatile trading conditions.

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Increasing trading volumes and unpredictable market conditions can create
additional challenges when it comes to market infrastructure. Take Bitstamp –
one of the world’s longest-running crypto exchanges – as an example. As digital
asset popularity increased, Bitstamp’s platform rocketed to serving more than 4
million customers. Keeping pace with client demands was essential to maintaining
its success and remaining competitive. Rather than investing additional time and
resources in building out its in-house matching engine, Bitstamp partnered with
Nasdaq to ensure it met market demands while also remaining able to focus on its
core competencies.

Barbot comments: “With robust infrastructure in place that crypto markets can
trust and grow with, our customers are able to focus, listen to the market and
develop their businesses with confidence and at speed. Nasdaq’s marketplace
technology enables crypto exchanges to leverage proven and scalable trading and
surveillance technology from Nasdaq as a service, deployed on-premises or in the
cloud and operated by our experienced teams, while maintaining a lean and
focused organisation.”


2. MARKET INTEGRITY

Digital asset trading is a focal point for global regulatory bodies seeking to
protect institutional and retail investors, and combat financial crime. In Asia,
territories such as Singapore, Thailand, Japan and the Republic of Korea lead in
defining regulatory frameworks and licensing programmes for crypto and digital
assets. However, for crypto and digital asset exchanges to succeed, they cannot
wait for regulatory bodies to implement guidelines – it’s up to the exchange to
integrate market integrity controls into infrastructure. This promotes investor
confidence in the fair and transparent execution of trades, and reduces
potential reputational risk associated with nefarious trading behaviours.

Barbot explains: “The importance of building transparency and ensuring
confidence in crypto markets is imperative to achieving institutionalisation.
Incorporating market surveillance into an exchange’s infrastructure ensures the
market is detecting and preventing potentially manipulative behaviour,
encouraging greater participation from retail and institutional investors
alike.”

Humans alone cannot keep up with the trading pace and increased volumes that
occur on digital asset exchanges. Automating surveillance practices is critical
to being able to effectively monitor these markets. Nasdaq’s Market Surveillance
solution is currently leveraged by 10 crypto exchanges, with real-time 24/7
monitoring of up to 60 billion transactions per day. Nasdaq’s crypto-forward
surveillance strategy is tailored for crypto and digital asset exchanges,
including the ability to monitor currency pairs and fractional volumes.


3. INSTITUTIONALISATION OF NEW INDUSTRY VERTICALS

In addition to cryptocurrencies, there is a growing appetite to trade a range of
novel asset classes – such as non-fungible tokens and real estate tokens – in an
institutional-grade, trusted marketplace environment.

As adoption of these asset classes increases globally, even amid intense
volatility and increased regulatory scrutiny, firms need to prepare for
institutionalisation – the participation of banks, broker-dealers, payment
providers and the like – to ensure market integrity and scale flexibly with
increased demand.

Barbot comments: “To further progress institutionalisation, Nasdaq has partnered
with several of these new market types to ensure reliable and scalable
technology and infrastructure that meet current and future regulatory
frameworks. This, in turn, enables them to more effectively grow and attract
serious investors while ensuring a trustworthy marketplace experience for all
participants.”


LEARN MORE

For more about recent developments in the cryptocurrency space and the creation
of a modern legal framework for digital assets, download the full Cryptocurrency
regulation summary: 2022 edition white paper by Nasdaq

Sponsor content


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