Prometheum Receives Regulatory Approval in the United States for Clearing and Settling Digital Asset

According to CoinDesk, Prometheum Inc. has announced that it has obtained the latest regulatory approval under the rules of the U.S. Securities and Exchange Commission (SEC) to test a fully compliant encrypted platform complying with the SEC regulations. As per the extended license documents released by FINRA (Financial Industry Regulatory Authority), Prometheum has become the first and only company to obtain a special-purpose encrypted broker-dealer license under SEC rules. It has been granted approval to carry out digital asset security trading clearance and settlement.

Prometheum plans to commence providing digital asset custody services to asset management firms, hedge funds, and other financial institutions in the first quarter of 2024. By the second quarter, the company aims to offer trading and settlement services to customers—starting with institutional clients and subsequently catering to retail investors. Kaplan also sees this as a potential platform for traditional securities tokenization.

Prometheum has proposed that it disclosed to regulatory authorities the securities it intends to support when it receives approval from one of the approximately 70 SEC-regulated Alternative Trading Systems (ATS). Some of these have already been classified as securities by the agency. For instance, it informed regulators that it could offer assets such as Flow (FLOW), Filecoin (FIL) from Protocol Labs, The Graph (GRT), Compound (COMP), and CELO from the Celo platform.