CFTC Clarifies Market Entry for Foreign Cryptocurrency Exchanges in the US

On the 28th, the US Commodity Futures Trading Commission (CFTC) announced new guidelines concerning the registration system for foreign cryptocurrency exchanges wishing to offer services in the US market. Through the Foreign Board of Trade (FBOT) registration system, it was clarified that cryptocurrency exchanges outside the US can provide direct market access to US investors. Acting Chair Caroline Pham stated in a declaration, 'This clarification of regulations allows the re-entry of cryptocurrency trading activities that had withdrawn from the US due to an unusually enforcement-focused approach over the past few years.' This system applies to all asset classes, including traditional assets and cryptocurrencies, and reconfirms frameworks that have been in operation since the 1990s.