Tassat Derivatives has efficiently acquired a swap execution facility (SEF) registration after securing regulator sign-off.
The U.S. Commodity Futures Trading Commission (CFTC) introduced Thursday that it had authorised the switch of a SEF registration from trueEX LLC to Tassat on Nov. 6, almost 4 months after the 2 corporations reached an “agreement in principle.” TrueEx was first granted the registration in January 2019.
Tassat, previously often called trueDigital Holdings, stated in July that it was seeking to launch a “fully-regulated” cryptocurrency derivatives alternate within the U.S., on which it could supply prospects physically-delivered bitcoin swaps and different merchandise.
At the time, Tassat CEO Thomas Kim stated “adding the exchange to our ecosystem delivers a complete end-to-end offering, currently unavailable today, that encompasses tokenization, payments, market data and settlement for the benefit of our clients and partners.”
“TrueEX and Tassat met the requirement for transferring a SEF registration by demonstrating that Tassat will be in compliance with provisions of the Commodity Exchange Act and CFTC regulations applicable to SEFs after the registration is transferred. There are currently 19 registered SEFs, including Tassat,” Wednesday’s press launch stated.
Tassat, based in early 2019, has been an energetic participant within the crypto group. The firm helped Signature Bank construct its Signet blockchain funds platform, launched final December. More just lately, the corporate partnered with software program supplier AlgoTrader to supply institutional shoppers entry to its upcoming crypto derivatives.
The firm has additionally partnered with Inca Digital Securities and Kaiko to supply wider entry to its over-the-counter bitcoin and ether reference charges.
With Wednesday’s approval, Tassat is one step nearer to providing shoppers a buying and selling platform for its merchandise. The firm continues to be ready to safe the designated contract market (DCM) registration trueEX additionally held.
The firm is seeking to compete with LedgerX, Bakkt/Intercontinental Exchange, Seed CX and ErisX in seeking to supply physically-settled bitcoin derivatives merchandise to U.S. prospects.
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