Definition ∞ A broker-dealer is a firm or individual that buys and sells securities on behalf of clients and for its own account. In traditional finance, this entity operates under specific regulatory licenses to facilitate market transactions. The definition delineates the scope of activities permitted for such financial intermediaries.
Context ∞ The application of the broker-dealer definition to digital assets presents a significant regulatory debate, particularly regarding which crypto assets qualify as securities. This situation affects how digital asset platforms must operate and whether they require registration with financial authorities. Future developments depend on legislative clarity and judicial interpretations concerning crypto asset classification.
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