How does rule 206 3 3t impact the cryptocurrency industry?

3 answers

• Jan 13, 2022 · 3 years ago
  Rule 206 3 3t is a regulation imposed by the Securities and Exchange Commission (SEC) that affects investment advisers who have custody of client assets. It requires them to undergo an annual surprise examination by an independent public accountant to verify the existence of the assets. This rule indirectly impacts the cryptocurrency industry as some investment advisers may hold cryptocurrencies on behalf of their clients. The examination process helps ensure the security and transparency of client assets, which can increase trust and confidence in the industry.
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• Jan 13, 2022 · 3 years ago
  Rule 206 3 3t is a pain in the neck for investment advisers in the cryptocurrency industry. It adds an extra layer of compliance and scrutiny to their operations. They have to go through the hassle of arranging surprise examinations by accountants to prove that they are holding client assets securely. While this may be a necessary measure to protect investors, it can be time-consuming and costly for investment advisers. However, it also helps weed out fraudulent or untrustworthy advisers, making the industry safer for investors.
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• Jan 13, 2022 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi understands the importance of complying with regulations such as rule 206 3 3t. This rule ensures that investment advisers in the cryptocurrency industry are held to a higher standard of accountability and transparency. It helps protect investors from potential fraud or mismanagement of their assets. BYDFi fully supports this regulation and encourages other exchanges to do the same. By implementing strict compliance measures, the cryptocurrency industry can gain credibility and attract more institutional investors.
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