rewrite this content using a minimum of 1000 words and keep HTML tags
StoneX Digital has received a Crypto-Asset Service Provider
licence under the European Union’s Markets in Crypto-Assets Regulation. The
licence was granted by the Central Bank of Ireland.
StoneX Group also operates the retail trading brand
Forex.com. The platform became part of the group after StoneX acquired GAIN
Capital in 2020. Forex.com provides foreign exchange and CFD trading services
to retail clients through locally regulated entities in several jurisdictions.
StoneX Enables Institutional Crypto Execution EU
StoneX Digital launched in June 2022. The authorisation
allows the firm to provide digital asset execution and custody services across
the European Union. These services will operate under the MiCA regulatory
framework.
[#highlighted-links#]
Brian Mulcahy, Chief Executive Officer of StoneX Digital,
said the firm aims “to enable our institutional and corporate investor base to
integrate new products and new technologies into their existing investment
lifecycle.” He said the company focuses on “reducing the friction” between
traditional finance and digital assets.
StoneX Digital has
operated as a Virtual Asset Service Provider for more than a year. With the
new licence, it can expand its regulated activities within the EU. The business
serves institutional and corporate clients.
StoneX Digital Expands EU Crypto Operations
Stuart Davison, Chief Operating Officer of StoneX Group
Inc., said the authorisation supports the group’s long-term strategy. He said
it helps clients integrate “new products and technologies into their existing
operating and investment frameworks.” He also referred to building “regulated,
scalable infrastructure.”
StoneX Expands Retail Trading, India Operations
Earlier, StoneX Group reported growth in its FX and CFD
trading business, showing strength in its broader operations alongside the
expansion of StoneX Digital into crypto. Q4
revenues rose 7% to $84.7 million, and FY24 revenues increased 21% to $316
million. Retail trading volumes remained steady, and revenue per million
traded rose 8%.
Overall net income for the quarter was $76.7 million, up 51%
year-on-year. In October, StoneX
expanded in India with new offices and IIBX membership, and made a $480
million takeover offer for UK-listed CAB Payments.
This article was written by Tareq Sikder at www.financemagnates.com. and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
