European Union: Closed European Commission investigation into DWS, Galaxy and Flow Traders joint venture

On 21 March 2024, the European Commission closed its investigation into the DWS Group GmbH and Co. KGaA of Germany (DWS), Galaxy Digital Labs LLC (Galaxy), and Flow Traders Holding LLC of the US (Flow Traders) proposed joint venture. The European Commission concluded that the joint venture was compatible with the relevant competition regulations and decided not to oppose the joint venture. The investigation, conducted under the EU Merger Regulation, aimed to assess the potential impact of the joint venture on competition within the European Economic Area. The investigation examined the joint venture's primary activity of issuing Euro-denominated stablecoin to ensure compliance with competition regulations.