When running a stake pool, what one is effectively doing is upkeeping the network on which the bockchain operates. The others who delegate ADA to your stake pool and earn a reward for doing so … the stake pool operator takes a small cut.
I can see how might be misconstrued as a financial activity similar to that of a hedge fund - e.g. take client’s money, given them a return and keep a small fee for doing so. Managing money of some sort. Although in reality stake pool operators never have control of the client’s funds, they effectively can not mis-use the funds or run away with them. The only way a stake pool operator can fall foul is failing to upkeep the node and not generate sufficient return.
This can lead down a rabbit of a Licensable activity for a which Financial Licence might be required.
Does any one have experience in arguing why this should, or should not be a licensable activity?
If there is an official statement on this from Cardano foundation, Emurgo, or other bodies can please share a link here