Nasdaq has plans to debut a crypto exchange for customers but will wait for additional regulatory clarity and formation of laws along with increased adoption of cryptocurrencies before doing so.

As per a report from Bloomberg on Tuesday, Tal Cohen, the company's executive vice president and head of North American markets, believes that regulatory certainty is crucial before the financial services corporation dives head first into crypto.

"Those are discussions we are happy to have," Cohen told Bloomberg TV, adding, "But right now, on the retail side, the market is fairly saturated. There's a number of exchanges servicing the retail customer base."

Nasdaq had confirmed the debut of crypto custody services for its institutional clients while forming Nasdaq Digital Assets, a new business and the stock exchange's first major push into the crypto space.

The custody solution has been designed to first focus on leading cryptocurrencies Bitcoin (BTC) and Ether (ETH). Additionally, Ira Auerbach, who earlier ran the prime broker services at crypto exchange Gemini, has become the new head of Nasdaq Digital Assets.

According to Cohen, the company will double down on its crypto custody services as the executive believes that there is "massive" demand and opportunity in the field. "We think if you can safe-keep peoples' assets, they'll trust you to do everything else afterwards," he said.

According to Cohen, along with building a strong infrastructure for the safe custody of cryptocurrencies, Nasdaq also plans to facilitate the movement and transfer of these digital assets.

"Demand among institutional investors for engaging in digital assets has increased in recent years, and Nasdaq is well-positioned to accelerate broader adoption and drive sustainable growth," Cohen said while announcing the new Nasdaq Digital Assets.

Regulators are also moving in to regulate the crypto sector as the Department of Justice recently confirmed the creation of a new unit with 150 prosecutors to combat crypto crimes.

The Nasdaq logo is displayed at the Nasdaq Market site in New York