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Broker-Dealer Registration
Any person or firm engaged in buying and selling securities on behalf of clients (broker) or for its own account (dealer) must register with the SEC as a broker-dealer and join FINRA — including platforms that facilitate tokenized securities transactions.
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FINRA — Broker-Dealer Oversight for Digital Securities Trading
FINRA, the SEC-authorized self-regulatory organization overseeing US broker-dealers, requires all digital securities ATS operators to be FINRA members and has issued regulatory guidance on crypto due diligence standards and AML programs.
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INX Limited — The First SEC-Registered Digital Securities IPO
INX Limited completed the first SEC-registered IPO of a digital security token in 2021, raising $83M from retail investors, and operates a dual-regulated platform for both crypto and digital securities trading.