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NYSE files trademark to build an exchange for all things crypto, NFTs, and metaverse

This move by the world’s largest stock exchange can have a significant impact on the adoption of cryptocurrencies and NFTs.

The New York Stock Exchange (NYSE) has set its sight upon cryptocurrencies and non-fungible tokens (NFT) as it seeks to build an exchange where users will be able to buy, sell or trade these digital assets, Bloomberg reported.

NYSE is also planning to roll out a NYSE-branded cryptocurrency, as per its regulatory filing with the U.S. Patent and Trademark Office dated February 10, 2022. The exchange told Bloomberg that it has no immediate plans to launch cryptocurrency or NFT trading but considers new products and their impact on its trademark regularly.

What is NYSE? It is an American stock exchange which is also the world’s largest stock exchange by market capitalisation. The total value of its listed companies stood at $27 trillion in 2021. NYSE’s reported plans to offer NFTs and launch its own crypto token affirms the growing interest of traditional financial organisations in crypto assets.

What else does NYSE’s application entail?

The application seeks to register NYSE’s trademark for the metaverse as well by including virtual reality, augmented reality, and mixed reality software, Coin Telegraph reported.

It remains to be seen how long it will take for NYSE to realise its plans and whether it will face any resistance from the US Securities and Exchange Commission (SEC). The US has no formal law at the federal level to regulate crypto asssets. However, several states have proposed and/or passed laws affecting cryptocurrencies and blockchain technology.

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There is no uniform approach. While states like Colorado and Montana have passed favourable regulations exempting cryptocurrencies from state laws, Maryland and Hawaii have warned their citizens against investing in cryptocurrencies.

NYSE’s foray into NFTs: This is not the first time that NYSE has expressed interest in the nascent NFT market. The exchange minted six NYSE NFTs to commemorate the first trades for Spotify, Snowflake, Unity, DoorDash, Roblox, and Coupang, as per a report in Coin Telegraph.

NYSE president Stacey Cunningham described NFTs as a “new, fun way to mark the moment” of a company’s first trade on the NYSE, the crypto news website said.

India remains divided on crypto

While traditional financial institutions like NYSE, large banks like Standard Chartered and Citibank, are looking to explore crypto and its use cases, India continues to debate what kind of a regulatory framework must be put in place.

The Reserve Bank of India deputy governor T Rabi Sankar, who is involved with the RBI’s digital rupee project, rejected the idea that India needs to explore cryptocurrencies. He called for an outright ban and said that “the arguments proffered by those advocating for regulation of cryptocurrencies do not stand up to basic scrutiny”. He concluded that they are akin to Ponzi schemes and their “impressive returns” do not prove anything as even tulips offered staggering returns in the 17th century, in reference to the Tulip mania.

India is yet to introduce a law for regulation of cryptocurrencies which has been listed twice during the parliamentary sessions in 2021. The government is consulting with various stakeholders and has said that it will come up with a bill soon.

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However, Finance Minister Nirmala Sitharaman has paved the way for a tax regime in which virtual digital assets will be taxed at 30 percent. She made the provision in the Budget 2022-23 speech but stopped short of suggesting that the government intends to legalise crypto.

It remains to be seen which direction the Union government takes over cryptocurrencies as many companies in India have expressed their desire to explore the space once regulations are in place.

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Written By

I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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