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題名 合規還是套利？FTX事件後中小型加密貨幣交易所的監管策略選擇
License or Arbitrage? Crypto Exchange Strategies for Tier 2 CeFi in a Post-FTX Era作者 黃玫樺
Huang, Alice貢獻者 吳文傑
Wu, Jack
黃玫樺
Huang, Alice關鍵詞 加密貨幣交易所
監管
歐盟市場中加密資產法規
第二層中心化金融機構
混合式策略
Crypto Exchange
Regulation
MiCA
Tier 2 CeFi
Hybrid Licensing日期 2025 上傳時間 4-Aug-2025 12:53:44 (UTC+8) 摘要 The collapse of FTX in 2022 marked a turning point for centralized crypto exchanges, exposing regulatory vulnerabilities and reshaping institutional expectations. This thesis explores how Tier 2 exchanges can navigate this environment by adopting hybrid regulatory strategies that balance compliance and innovation. Using a real-world case study, referred to as Exchange Z for confidentiality purposes, the research applies scenario analysis and a weighted strategic decision matrix to compare regulatory paths: MiCA-only, offshore-only, and a MiCA-anchored hybrid. Findings suggest that for exchanges with European exposure and institutional goals, a hybrid model offers the strongest alignment, combining long-term credibility with short-term agility. The thesis contributes a repeatable framework for evaluating regulatory strategy, grounded in market dynamics, operational diagnostics, and cross-functional trade-offs. It argues that regulation is no longer a constraint, but a design choice that can enable growth when approached strategically. 參考文獻 Anchorage Digital. (2023). Institutional Crypto Custody Whitepaper. https://www.anchorage.com/resources BaFin. (2023). Investor Protection Principles for Digital Assets. https://www.bafin.de Binance Square. (2025, April 12). U.S. Senate committee anticipates crypto bill by August 2025. https://www.binance.com/zh-TC/square/post/04-12-2025-u-s-senate-committee-anticipates-crypto-market-bill-by-august-2025-22835208946514 Binance Square. (2025, May 15). Stablecoin regulation to drive institutional adoption. https://www.binance.com/zh-TC/square/post/05-15-2025-stablecoin-regulation-poised-to-drive-institutional-interest-in-crypto-industry-24293798073626 Binance Square. (2025, May 16). MiCA implementation challenges. https://www.binance.com/zh-TC/square/post/05-16-2025-mica-implementation-challenges-and-opportunities-in-the-eu-crypto-market-24327585778458 Binance Square. (2025, May 17). UK to enforce new crypto reporting rules in 2026. https://www.binance.com/zh-TC/square/post/05-17-2025-uk-to-enforce-new-crypto-reporting-rules-in-2026-24367213951146 Binance. (2023, November 8). Binance transitions to regulatory compliance with regional entities. https://www.binance.com Bitget. (2025, March). Applies for VASP license in Lithuania. https://www.bitget.com/blog/articles/crypto-exchange-Bitget-completes-crypto-registration-in-Lithuania Blank, S. (2013). The four steps to the epiphany: Successful strategies for products that win (2nd ed.). K&S Ranch Press Bloomberg Intelligence. (2024). ETF Outlook: The Crypto Asset Class Expands. https://www.bloomberg.com/professional/blog/etf-outlook-crypto Bloomberg. (2024, February 10). Kraken launches digital bank in Wyoming. https://www.bloomberg.com Bloomberg. (2025, April 4). Kollewe, J. What is a stablecoin, how do they work, and why are regulators concerned? https://www.bloomberg.com/news/articles/2025-04-04/what-is-a-stablecoin-how-do-they-work-and-why-are-regulators-concerned Bloomberg. (2025, May 14). Armstrong signals more M&A activity post-Deribit. https://www.bloomberg.com/news/articles/2025-05-14/coinbase-s-armstrong-looks-to-make-more-acquisitions-after-deribit-purchase Bloomberg. (2025, May 15). Coinbase cooperating with SEC on user metrics. https://www.bloomberg.com/news/articles/2025-05-15/coinbase-says-it-s-cooperating-with-sec-on-user-metrics-probe Bloomberg. (2025, May 15). Coinbase hack shows even heavyweights are vulnerable. https://www.bloomberg.com/news/newsletters/2025-05-15/coinbase-hack-shows-even-crypto-s-heavyweights-are-at-risk Bloomberg. (2025, May 16). Trump crypto project pushes back on Senate inquiry. https://www.bloomberg.com/news/articles/2025-05-16/trump-s-crypto-project-pushes-back-on-senate-panel-inquiry Bloomberg. (2025, May 16). Galaxy talks with SEC on tokenizing shares. https://www.bloomberg.com/news/articles/2025-05-16/novogratz-s-galaxy-is-talking-with-sec-about-tokenizing-shares Bloomberg. (2025, May 16). Crypto abductions prompt new security rules in France. https://www.bloomberg.com/news/articles/2025-05-16/crypto-abductions-prompt-new-security-steps-from-french-minister Bloomberg. (2025, May 8). Coinbase acquires Deribit for $2.9 billion. https://www.bloomberg.com/news/articles/2025-05-08/coinbase-buys-crypto-options-exchange-deribit-for-2-9-billion BNY Mellon. (2023). Digital Assets: Designing the Future of Custody. https://www.bnymellon.com/us/en/insights/all-insights/digital-assets-and-custody.html Bybit. (2023, June 26). Bybit gains crypto license in Cyprus. CoinDesk. https://www.coindesk.com Chainalysis. (2024). Crypto Compliance & Custody Trends Report. https://www.chainalysis.com/reports Chainalysis. (2024). Crypto Compliance Trends and KYT Solutions. https://www.chainalysis.com/reports Chainalysis. (2024). Crypto Compliance Trends Report. https://www.chainalysis.com/reports Chainalysis. (2024). Crypto exchange compliance trends post-FTX. https://www.chainalysis.com Chainalysis. (2024). Crypto user trends: Self-custody and institutional shift. https://www.chainalysis.com/reports/2024-crypto-user-trends/ Chainalysis. (2024). Institutional adoption and risk exposure in CeFi. https://www.chainalysis.com/reports/ Chainalysis. (2024). The 2024 State of Crypto Compliance. Retrieved from https://www.chainalysis.com Chainalysis. (2024). User Behavior and Self-Custody Trends. https://www.chainalysis.com/reports Christensen, C. M. (1997). The innovator’s dilemma: When new technologies cause great firms to fail. Harvard Business Review Press. CipherTrace. (2023). Global Travel Rule Compliance: Regulatory Adoption Tracker. Retrieved from https://ciphertrace.com Coinbase Global, Inc. (2024). Annual report (Form 10-K). U.S. Securities and Exchange Commission. https://www.sec.gov Coinbase Institutional. (2024). Custody Solutions for ETFs and Institutions. https://www.coinbase.com/institutional/custody CoinDesk. (2023, May 9). OKX expands regulatory footprint in Bahamas and Dubai. https://www.coindesk.com CoinDesk. (2023). Kraken, Binance Delist Monero in Several Jurisdictions Over Regulatory Concerns. Retrieved from https://www.coindesk.com CoinDesk. (2024). BlackRock, Fidelity Expand Crypto Offerings After ETF Approval. https://www.coindesk.com/policy/2024/01/11/blackrock-fidelity-crypto-expansion CoinDesk. (2024). BlackRock’s Bitcoin ETF Custody Model Relies on Coinbase Compliance. https://www.coindesk.com CoinMarketCap. (2023). Cryptocurrency market capitalization and volume. https://coinmarketcap.com/ CoinMarketCap. (2025). Top cryptocurrency spot exchanges by volume. https://coinmarketcap.com/rankings/exchanges/ CoinShares. (2024). Digital Asset Fund Flows Weekly Report. https://coinshares.com/research/digital-asset-fund-flows Cointelegraph. (2023). Why Small Crypto Exchanges Are Merging to Stay Afloat. https://www.cointelegraph.com/news Commodity Futures Trading Commission. (2024, December 19). Record-setting $17.1 billion penalties. https://www.cftc.gov/PressRoom/PressReleases/9011-24 Commodity Futures Trading Commission. (n.d.). Enforcement actions. https://www.cftc.gov/LawRegulation/EnforcementActions/index.htm Cornerstone Research. (2024). SEC cryptocurrency enforcement 2024 update. https://www.cornerstone.com/wp-content/uploads/2025/01/SEC-Cryptocurrency-Enforcement-2024-Update.pdf DA Labs. (2024). Stablecoin bill and USD1 trouble: Why FIT21 matters. https://dalabs.org/report/stablecoin-bill-usd1-trouble-meta/ Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–340. https://doi.org/10.2307/249008 Eisenmann, T., Ries, E., & Dillard, S. (2012). Hypothesis-driven entrepreneurship: The lean startup Elliptic. (2024). 2024 Risk Monitoring Trends in Virtual Assets. https://www.elliptic.co European Commission. (2023). EU Anti-Money Laundering Package: Towards a Harmonised AML Framework. Retrieved from https://ec.europa.eu European Commission. (2023). Markets in Crypto-Assets (MiCA) regulation. https://finance.ec.europa.eu/publications/proposal-regulation-markets-crypto-assets_en European Parliament and Council. (2023). Transfer of Funds Regulation (EU 2023/1113). Retrieved from https://eur-lex.europa.eu European Securities and Markets Authority (ESMA). (2023). MiCA Implementation Guidelines. https://www.esma.europa.eu Fidelity Digital Assets. (2023). Institutional Crypto Report. https://www.fidelitydigitalassets.com Financial Action Task Force. (2021). Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers. Retrieved from https://www.fatf-gafi.org Financial Action Task Force. (2022). The FATF's Work on KYC and AML Standards. Retrieved from https://www.fatf-gafi.org Financial Action Task Force. (2023). Guidance on Digital Asset Surveillance Tools. https://www.fatf-gafi.org Financial Services Authority of Saint Vincent and the Grenadines. (2022). Virtual Asset Act 2022. https://svgfsa.com/mdocs-posts/virtual-asset-act-2022/ Financial Times. (2022, November 14a). FTX: Inside the crypto exchange that 'accidentally' lost $8bn. https://www.ft.com/content/913ff750-d1f4-486a-9801-e05be20041c1 Financial Times. (2022, November 14b). FTX collapse exposes gaps in global crypto oversight. https://www.ft.com Fireblocks. (2024). MPC Wallet Infrastructure Report. https://www.fireblocks.com/product/mpc-wallet Fireblocks. (2024). MPC Wallet Technology for Institutions. https://www.fireblocks.com/product/mpc-wallet/ Hong Kong SFC. (2024). Licensing Conditions for Virtual Asset Trading Platforms. https://www.sfc.hk International Organization of Securities Commissions. (2023). Policy recommendations for crypto and digital asset markets: Final report. https://www.iosco.org/library/pubdocs/pdf/IOSCOPD728.pdf Kaiko. (2024). Centralized exchange landscape: Institutional outlook Q3 2024. https://www.kaiko.com/reports Kraken. (2024). Where is Kraken licensed or regulated? https://support.kraken.com Kraken. (2020). Gets license for Wyoming’s first cryptocurrency bank. Finance Magnates. https://www.financemagnates.com/cryptocurrency/exchange/kraken-gets-license-for-wyomings-first-cryptocurrency-bank/ KuCoin. (2025). Company profile. LinkedIn. https://www.linkedin.com/company/kucoin/ Ledger Enterprise. (2024). Institutional MPC Solutions Overview. https://www.ledger.com Messari. (2024). CeFi Consolidation Trends. https://messari.io/report/centralized-exchange-consolidation-2024 Monetary Authority of Singapore. (2023). Guidelines for Token Listings and Technology Risk Management. https://www.mas.gov.sg Office of Foreign Assets Control. (2022). Sanctions on Tornado Cash Entities and Smart Contracts. U.S. Department of the Treasury. Retrieved from https://home.treasury.gov Organisation for Economic Co-operation and Development. (2023). Crypto-Asset Reporting Framework (CARF). Retrieved from https://www.oecd.org PwC. (2023). Crypto M&A Report: Market Rationalization and Regulatory Impact. https://www.pwc.com/gx/en/industries/financial-services/assets/pwc-crypto-ma-report.pdf PwC. (2023a). Crypto compliance benchmarking report. https://www.pwc.com/gx/en/industries/financial-services/publications/crypto-compliance-report.html PwC. (2023b). Global crypto regulation report. https://www.pwc.com/crypto Ray III, J. J. (2023, June 26). Second interim report to the independent directors: The commingling and misuse of customer deposits at FTX.com. United States Bankruptcy Court for the District of Delaware. https://protos-media.s3.eu-west-2.amazonaws.com/wp-content/uploads/2023/06/10121033/jj-ray-3-second-interim-report.pdf Reuters. (2024, January 16). Crypto exchange OKX secures Dubai licence to target retail clients. https://www.reuters.com/business/finance/crypto-exchange-okx-secures-dubai-licence-target-retail-clients-2024-01-16/ Reuters. (2024, September 17). FTX auditor settles US SEC negligence case. https://www.reuters.com/business/finance/ftx-auditor-settles-us-sec-negligence-case-pays-fine-2024-09-17/ Rogers, E. M. (2003). Diffusion of innovations (5th ed.) Securities Commission of The Bahamas. (2023). Overview of the Digital Assets and Registered Exchanges (DARE) Act – Revised 2023. https://www.scb.gov.bs/wp-content/uploads/2023/03/DARE-Act-2023-Revisions.pdf SIX Swiss Exchange. (2024). Crypto-ETPs and Structured Products. https://www.six-group.com/en/products-services/the-swiss-stock-exchange/market-data/data-tools/crypto-products.html South Korea Financial Services Commission. (2021). Virtual Asset Guidelines and Exchange Regulations. Retrieved from https://www.fsc.go.kr Standard Chartered. (2023). Zodia Markets Launch Announcement. https://www.zodiamarkets.com/news Time. (2022, December). FTX founder Sam Bankman-Fried charged with fraud by SEC after arrest in the Bahamas. https://time.com/6240579/ftx-sam-bankman-fried-arrested-bahamas/ TRM Labs. (2024). Blockchain Forensics and Regulatory Readiness Whitepaper. https://www.trmlabs.com/resources TRM Labs. (2024). Real-Time Transaction Monitoring Whitepaper. https://www.trmlabs.com/resources U.S. House of Representatives. (2023). Financial Innovation and Technology for the 21st Century Act (FIT21) – Discussion draft. https://financialservices.house.gov/uploadedfiles/07062023_crypto_cmte_discussion_draft.pdf U.S. Securities and Exchange Commission. (2023a). Crypto enforcement actions overview. https://www.sec.gov/spotlight/cybersecurity-enforcement-actions U.S. Securities and Exchange Commission. (2023b, June 5). SEC charges Binance and founder Changpeng Zhao with securities law violations. https://www.sec.gov/newsroom/press-releases/2023-101 U.S. Securities and Exchange Commission. (2023c, June 6). SEC charges Coinbase for operating unregistered securities exchange, broker, and clearing agency. https://www.sec.gov/newsroom/press-releases/2023-102 U.S. Securities and Exchange Commission. (2024). SEC approves spot Bitcoin ETFs from BlackRock, Fidelity, and others. https://www.sec.gov/news/press-release/2024-01 Wall Street Journal. (2022, November 17a). At FTX, multimillion-dollar expenses were approved by emoji. https://www.wsj.com/articles/at-ftx-multimillion-dollar-expenses-were-approved-by-emoji-fb91bb3a Wall Street Journal. (2022, November 17b). New CEO says FTX suffered ‘complete failure of corporate controls’. https://www.wsj.com/livecoverage/stock-market-news-today-11-17-2022/card/new-ceo-says-ftx-suffered-complete-failure-of-corporate-controls--anHR8VGIa37oobtZDlnh Wall Street Journal. (2022, November 9). Crypto exchanges tout their reserves after FTX woes. https://www.wsj.com/livecoverage/stock-market-news-today-11-09-2022/card/crypto-exchanges-tout-their-reserves-after-ftx-woes-j4kwkwdHDXNfpGilvq1G Wall Street Journal. (2023, October 12). Here’s how FTX executives secretly spent $8 billion in customer funds. https://www.wsj.com/finance/regulation/sbf-trial-ftx-customer-money-missing-6ba13914 描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
108933012資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108933012 資料類型 thesis dc.contributor.advisor 吳文傑 zh_TW dc.contributor.advisor Wu, Jack en_US dc.contributor.author (Authors) 黃玫樺 zh_TW dc.contributor.author (Authors) Huang, Alice en_US dc.creator (作者) 黃玫樺 zh_TW dc.creator (作者) Huang, Alice en_US dc.date (日期) 2025 en_US dc.date.accessioned 4-Aug-2025 12:53:44 (UTC+8) - dc.date.available 4-Aug-2025 12:53:44 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2025 12:53:44 (UTC+8) - dc.identifier (Other Identifiers) G0108933012 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158289 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 108933012 zh_TW dc.description.abstract (摘要) The collapse of FTX in 2022 marked a turning point for centralized crypto exchanges, exposing regulatory vulnerabilities and reshaping institutional expectations. This thesis explores how Tier 2 exchanges can navigate this environment by adopting hybrid regulatory strategies that balance compliance and innovation. Using a real-world case study, referred to as Exchange Z for confidentiality purposes, the research applies scenario analysis and a weighted strategic decision matrix to compare regulatory paths: MiCA-only, offshore-only, and a MiCA-anchored hybrid. Findings suggest that for exchanges with European exposure and institutional goals, a hybrid model offers the strongest alignment, combining long-term credibility with short-term agility. The thesis contributes a repeatable framework for evaluating regulatory strategy, grounded in market dynamics, operational diagnostics, and cross-functional trade-offs. It argues that regulation is no longer a constraint, but a design choice that can enable growth when approached strategically. en_US dc.description.tableofcontents 1. Introduction 1 1.1. Background and Context 1 1.2. Purpose and Scope of the Study 2 1.3. Research Questions 4 1.4. Research Methodology 4 2. The FTX Collapse: Lessons in Governance and Trust 7 2.1. Overview of FTX’s Rise and Fall 7 2.2. Internal Governance Failures and Collusion 7 2.3. Regulatory Gaps and Weak Oversight 8 2.4. Public Trust Erosion and Market Reactions 10 3. Regulatory Landscape for Crypto Exchanges Post-FTX 12 3.1. Global Regulatory Response to the FTX Collapse 12 3.2. Major Frameworks and Developments 12 3.2.1. MiCA (Markets in Crypto-Assets Regulation – European Union) 12 3.2.2. DARE Act (Digital Assets and Registered Exchanges – Bahamas) 14 3.2.3. United States: Intensifying but Fragmented Regulation 15 3.2.4. Flexible and Light-Touch Jurisdictions 16 3.3. Importance of Licensing for Market Access and Trust 17 4. Strategic Regulatory Choices in the Post-FTX Era 21 4.1. Licensing as a Competitive Advantage 21 4.2. Regulatory Arbitrage: Speed, Flexibility, and Risk 22 4.3. Strategic Trade-offs and Cost-Benefit Analysis 23 4.3.1. Quantifying Trade-Offs: A Cost-Benefit Framework 24 4.4. Framework for Tier 2 CeFi Regulatory Strategy 27 4.4.1. Hybrid Regulatory Models: Variants and Operational Challenges 31 5. Strategic Models Among Leading Exchanges: Lessons for Tier 2 Players 34 5.1. Introduction: Strategy as Survival for Tier 2 CeFi 34 5.2. The Compliance-First Model: Coinbase 34 5.3. The Arbitrage-to-Compliance Pivot: Binance 35 5.4. The Governance Failure Case: FTX 37 5.5. The Hybrid Model: Kraken and OKX 38 5.6. Summary of Strategic Models 41 5.7. Final Takeaways for Tier 2 CeFi Exchanges 43 6. Emerging Trends Shaping Tier 2 Strategy 45 6.1. Regulatory Fragmentation and the Path Toward Convergence 45 6.1.1. Current Regulatory Landscape 45 6.1.2. Toward Convergence: Global Standards by 2028 48 6.2. Trends in Public Trust and Institutional Adoption 49 6.2.1. Institutional Integration Trajectory 52 6.3. Strategic Repositioning for Tier 2 Exchanges 53 6.3.1. Prediction-Driven Strategy Outlook (2025–2027) 55 7. Exchange Z Case Study: Strategy in Action 58 7.1. Company Overview and Strategic Identity 58 7.2. Financial Profile and Market Position 61 7.3. Regulatory Landscape and Operational Readiness 68 7.4. Scenario Mapping: Strategic Pathways Forward 74 7.5. Strategic Trade-Off Evaluation: A Weighted Decision Matrix Approach 80 7.5.1. Exchange Z Example: Compliance-Weighted Decision Matrix 81 7.5.2. Alternative Weighting Scenarios 83 7.6. Strategic Guidance for Exchange Z: Prioritizing a MiCA-Anchored Hybrid Model 85 7.7. Reflection 92 8. From Strategy to Execution: Building Institutional Maturity 94 8.1. Strategic Recap and Thesis Integration 94 8.2. Translating Strategy into Operational Execution 94 8.3. KPI Framework for Compliance and Growth 95 8.4. Strategic Adaptability and Scenario Resilience 96 8.5. Concluding Reflection 97 8.6. Limitations 98 8.7. Research Implications 98 9. Conclusion: Regulation as Strategic Design 100 Reference 101 Appendix A: Glossary of Terms 113 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108933012 en_US dc.subject (關鍵詞) 加密貨幣交易所 zh_TW dc.subject (關鍵詞) 監管 zh_TW dc.subject (關鍵詞) 歐盟市場中加密資產法規 zh_TW dc.subject (關鍵詞) 第二層中心化金融機構 zh_TW dc.subject (關鍵詞) 混合式策略 zh_TW dc.subject (關鍵詞) Crypto Exchange en_US dc.subject (關鍵詞) Regulation en_US dc.subject (關鍵詞) MiCA en_US dc.subject (關鍵詞) Tier 2 CeFi en_US dc.subject (關鍵詞) Hybrid Licensing en_US dc.title (題名) 合規還是套利？FTX事件後中小型加密貨幣交易所的監管策略選擇 zh_TW dc.title (題名) License or Arbitrage? Crypto Exchange Strategies for Tier 2 CeFi in a Post-FTX Era en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Anchorage Digital. (2023). Institutional Crypto Custody Whitepaper. https://www.anchorage.com/resources BaFin. (2023). Investor Protection Principles for Digital Assets. https://www.bafin.de Binance Square. (2025, April 12). U.S. Senate committee anticipates crypto bill by August 2025. https://www.binance.com/zh-TC/square/post/04-12-2025-u-s-senate-committee-anticipates-crypto-market-bill-by-august-2025-22835208946514 Binance Square. (2025, May 15). Stablecoin regulation to drive institutional adoption. https://www.binance.com/zh-TC/square/post/05-15-2025-stablecoin-regulation-poised-to-drive-institutional-interest-in-crypto-industry-24293798073626 Binance Square. (2025, May 16). MiCA implementation challenges. https://www.binance.com/zh-TC/square/post/05-16-2025-mica-implementation-challenges-and-opportunities-in-the-eu-crypto-market-24327585778458 Binance Square. (2025, May 17). UK to enforce new crypto reporting rules in 2026. https://www.binance.com/zh-TC/square/post/05-17-2025-uk-to-enforce-new-crypto-reporting-rules-in-2026-24367213951146 Binance. (2023, November 8). Binance transitions to regulatory compliance with regional entities. https://www.binance.com Bitget. (2025, March). Applies for VASP license in Lithuania. https://www.bitget.com/blog/articles/crypto-exchange-Bitget-completes-crypto-registration-in-Lithuania Blank, S. (2013). The four steps to the epiphany: Successful strategies for products that win (2nd ed.). K&S Ranch Press Bloomberg Intelligence. (2024). ETF Outlook: The Crypto Asset Class Expands. https://www.bloomberg.com/professional/blog/etf-outlook-crypto Bloomberg. (2024, February 10). Kraken launches digital bank in Wyoming. https://www.bloomberg.com Bloomberg. (2025, April 4). Kollewe, J. What is a stablecoin, how do they work, and why are regulators concerned? https://www.bloomberg.com/news/articles/2025-04-04/what-is-a-stablecoin-how-do-they-work-and-why-are-regulators-concerned Bloomberg. (2025, May 14). Armstrong signals more M&A activity post-Deribit. https://www.bloomberg.com/news/articles/2025-05-14/coinbase-s-armstrong-looks-to-make-more-acquisitions-after-deribit-purchase Bloomberg. (2025, May 15). Coinbase cooperating with SEC on user metrics. https://www.bloomberg.com/news/articles/2025-05-15/coinbase-says-it-s-cooperating-with-sec-on-user-metrics-probe Bloomberg. (2025, May 15). Coinbase hack shows even heavyweights are vulnerable. https://www.bloomberg.com/news/newsletters/2025-05-15/coinbase-hack-shows-even-crypto-s-heavyweights-are-at-risk Bloomberg. (2025, May 16). Trump crypto project pushes back on Senate inquiry. https://www.bloomberg.com/news/articles/2025-05-16/trump-s-crypto-project-pushes-back-on-senate-panel-inquiry Bloomberg. (2025, May 16). Galaxy talks with SEC on tokenizing shares. https://www.bloomberg.com/news/articles/2025-05-16/novogratz-s-galaxy-is-talking-with-sec-about-tokenizing-shares Bloomberg. (2025, May 16). Crypto abductions prompt new security rules in France. https://www.bloomberg.com/news/articles/2025-05-16/crypto-abductions-prompt-new-security-steps-from-french-minister Bloomberg. (2025, May 8). Coinbase acquires Deribit for $2.9 billion. https://www.bloomberg.com/news/articles/2025-05-08/coinbase-buys-crypto-options-exchange-deribit-for-2-9-billion BNY Mellon. (2023). Digital Assets: Designing the Future of Custody. https://www.bnymellon.com/us/en/insights/all-insights/digital-assets-and-custody.html Bybit. (2023, June 26). Bybit gains crypto license in Cyprus. CoinDesk. https://www.coindesk.com Chainalysis. (2024). Crypto Compliance & Custody Trends Report. https://www.chainalysis.com/reports Chainalysis. (2024). Crypto Compliance Trends and KYT Solutions. https://www.chainalysis.com/reports Chainalysis. (2024). Crypto Compliance Trends Report. https://www.chainalysis.com/reports Chainalysis. (2024). Crypto exchange compliance trends post-FTX. https://www.chainalysis.com Chainalysis. (2024). Crypto user trends: Self-custody and institutional shift. https://www.chainalysis.com/reports/2024-crypto-user-trends/ Chainalysis. (2024). 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