CoinShares International Limited has received confirmation that the Swedish Finansinspektionen (FI) has denied the company’s application regarding the ownership suitability assessment in relation to the direct acquisition of 100% of the votes and capital in Peak AM Securities AB.

In its announcement, FI concluded that CoinShares had not satisfied all of the conditions for granting a permit in accordance with Chapter 24, Section 1 of the Securities Market Act (2007: 528).

CoinShares says it will review the FI’s decision in detail with the assistance of their external advisers and will, following that review, decide how to proceed. The Peak sale and purchase agreement is conditional upon the FI’s approval and contains a EUR250,000 break fee payable to the vendor if the deal does not complete.

Jean-Marie Mognetti, CEO, commented:

“We have taken note of the Swedish Finansinpektionen’s findings. This decision will not change our long-term growth and expansion strategy nor will it impact on the Group’s financial performance.

Despite an ever-changing regulatory landscape, we shall continue to pursue and maintain positive relationships with our regulators around the world. Whilst enthusiasm for and commitment to the digital asset sector remain CoinShare’s bedrock, such a decision is a timely reminder that we are still at the very beginning of the journey of this new ecosystem.”