The global stock market Nasdaq is halting the launch of its own cryptocurrency custody which it previously planned to implement by the end of the second quarter of 2023.

Nasdaq has suspended the launch of its digital asset custody business due to regulatory risks, Chief Executive Officer Adena Friedman announced during the second-quarter earnings call.

Friedman noted that Nasdaq remains committed to the business development of digital assets. The company will closely monitor the market for potential regulatory events over the next six months.

Nasdaq initially announced its crypto custody project in September 2022. The company planned to launch an official division that would allow customers to securely store Bitcoin (BTC) and Ether (ETH).

As of March 2023, the company has been moving forward with the plan, aiming to launch the platform by the end of July.

The news comes as major cryptocurrency firms are also working to list Bitcoin exchange-traded funds (ETFs) on the Nasdaq exchange. The United States Securities and Exchange Commission is currently considering two Bitcoin ETF proposals under Nasdaq Rule 5711.

This is a developing story, and more information will be added as it becomes available.

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