In fact, last year was also a turbulent year for password companies. From persistent market weakness and the use of decentralized finance (Defi) to the FTX scandal, no industry has had little impact.

For some people, in fact, what happens in this field is not sustainable for enterprises. The holding company of MCB, which is headquartered in New York City, is usually announced by the bank holding company, which will completely break away from the vertical market of its encrypted assets.

The company said in the announcement that its determination "reflects the latest development trend in the field of encrypted assets" and the transformation of the strict regulatory pattern of relevant financial institutions participating in the business of encrypted assets.

According to MCB, the whole process has been going on since 2017, and it is estimated that there will be no accounting harm. It now has four dynamic institutional clients related to encrypted assets, accounting for about 1.5 per cent of revenue and about 6 per cent of savings.

At the same time as this development, the FTX case, which has been under the camera of the cryptographic industry, is under way.

According to the forecast, US regulators will conduct more rigorous scrutiny of this area in the coming year, especially as the American Stock Exchange Federation, the Accounting Enterprise Accounting Standards Board and the US Inland Revenue Service seek to improve encryption regulations and regulation.

Related to:What are the shortcomings of rules and regulations and how can financial institutions benefit?

On January 3rd, due to password confusion in 2022, the Federal Reserve meeting, the Federal Deposit Insurance Corporation and the Office of the Supervisor of money Engineering issued a joint declaration on password assets. It also shows their commitment to the practices of deep-rooted financial institutions.

In addition to the censorship of FTX, Binance is still being investigated for money laundering in the United States. This adds to further scrutiny of the links between financial derivatives and password trading centres.

Although subject to domain scrutiny, some professionals are pinning their hopes on decentralized finance this year.