Nasdaq may enter the cryptocurrency transaction, shaking the global digital asset market. Bitcoin rebounded sharply on Friday, rising by as much as 9300 from the lowest of 8,780 US dollars. Nasdaq is the world’s second-largest stock exchange with a 47-year history. "There is no doubt that Nasdaq will consider becoming a digital cryptocurrency exchange in the future." April 25, United States local time, Nasdaq CEO Adena Friedman said on CNBC program. On the same day, Nasdaq and the cryptocurrency exchange Gemini announced a technical cooperation plan. The latter will use Nasdaq's SMARTS market surveillance technology to monitor all digital asset transactions, such as Bitcoin/U.S. Dollar, Ether/U.S. Dollar, and Bitcoin/Ether. This cooperation will help Nasdaq break through the use of regulatory technology in digital currency trading. On April 27, Blockchain’s pioneering portal, “Flying Cloud Finance,” was informed by multiple reliable sources on Wall Street in the United States that Nasdaq is not still thinking about becoming a digital currency exchange but that certainty is about to become the first one. The global mainstream stock exchanges that expand digital asset transactions will be scheduled to begin in October 2018. If everything goes smoothly, Nasdaq will formally roll out digital currency trading products in about five months. Jiyun Finance was informed that at present, Nasdaq has completed a number of preparatory work, and the relevant system architecture is being systematically deployed. A senior industry personage told this cloud cloud economy, Nasdaq this major trend will lead to the recent global investment funds began to flow to the United States, the United States will become a true digital currency to dominate the market. Digital Currency Market: Elephants Come For the tide of digital assets, is Nasdaq really ready? Senior members of the field of blockchain and digital assets, chairman of the Hong Kong-listed company ViewSonic Energy, and Zhang Li, founding partner of Shenzhen Blockchain Venture Capital Fund, told Huntercloud that NASDAQ is highly likely to enter digital assets. Because Nasdaq represents the high-tech sector of the US securities market, its acceptance of new technology trends is very high, and it is possible to transform and increase blockchains and digital asset-related transaction blocks and regions. "They'll be very fast. Americans generally don't talk about doing it first, but they'll do it again or talk about it." With regard to the possibility of accepting admission, the industry expects a high degree of consistency. The digital currency trading platform CoinTiger CEO Frank Ling stated to Huntercloud that there is a high possibility that Nasdaq will enter the game. The Chicago Mercantile Exchange, which has a very high market position, has advanced to the field and obtained a comparison through Bitcoin futures trading. Special currency pricing power has laid the first step in the deployment of a large number of financial institutions. Existing stock exchanges will also compete in order to meet the user's configuration needs. However, Nasdaq still faces many obstacles in starting digital currency transactions and it will take time to face them. Ling Fengqi said to Huntercloud that Nasdaq still needs to solve several problems: If it is a breakthrough at the legislative level, how do we incorporate the existing digital currency into the supervision of the SEC? How does BTC and the various ERC20 Tokens treat each other differently and how do they grade? How to manage a large number of emerging Tokens? In what way is it introduced to Nasdaq? There are still many blank areas at the legislative and regulatory levels. In addition, there is a need for more rigorous supervision of the project level. For example, is it compulsory to oblige all projects to comply with the Reg A (United States Crowdfunding Act), and how to introduce projects outside the United States? "In fact, the US market has already recognized the value of digital currency, but the US Congress hearing is still debating whether Bitcoin should be included in commodity supervision or securities supervision," said Ling Fengqi. Exchange Structure or Reshuffling The Nasdaq's entry of digital assets has been widely interpreted by the industry as positive. On the one hand, it is illustrated that the global consensus on cryptocurrencies and digital assets has been strengthened and agglomerated. Digital assets will gradually be recognized and protected in various countries. On the other hand, the inclusion of traditional mainstream financial trading market systems will result in stronger regulatory compliance and Stable trading environment. Zhang Li told Huntercloud that NASDAQ’s on-line digital asset transactions will be a good side effect. If developed countries such as the United States decide to incorporate digital asset transactions into the mainstream market, they must do so at the legal and market levels. A very adequate preparation to join the tide of digital assets. "If the US policy trend is followed, then more countries will open up the digital asset trading license, which will have a positive impact on the global digital asset market." Chairman of a digital asset exchange overseas said to Yunyun Finance that if The United States can set standards and standards in customer KYC certification, exchange operations management and risk control management systems. Then, many countries will use the US standard as a reference to regulate the digital currency market. Such a statement would be a positive signal and the existing Digital Asset Exchange will apply for a license in more countries and regions. So will Nasdaq's entry into the game have a fatal impact on existing digital currency exchanges? In this regard, Lingfeng Qi told Huntercloud that just as the Chicago Mercantile Exchange received bitcoin pricing rights, if Nasdaq enters the market, it will have a significant impact on the market, but it will not affect the existing digital currency exchanges. Too big does not constitute significant competition. Because traditional business ideas do not solve the problem of digital asset trading, existing players have grown rapidly. "In addition, there are genetic problems, and watching stock trading and digital currency trading look alike, but in fact there is not one kind of thing in the bone. As if the bank is going to play securities trading, there is almost no good play. Not have money to play. Well, the key is whether the interest structure can support the platform to do this thing.” At the technical level, Nasdaq also has some problems that need to be solved. Ling Fengqi believes that the digital trading platform trades encrypted virtual goods, and the prices are independent and can be freely filled. This is different from the technical framework of securities trading. There are no problems with the stocks. All of them are concentrated, mainly registration and settlement. There is a liquidity impact problem when there are delivery withdrawals. "Nasdaq needs to be a warehouse for the delivery of goods. It is necessary to rebuild the entire trading system. It was originally just a voucher sale. Now it is going to be a digital commodity transaction and cash delivery.
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