This note compares the market structures of foreign exchange (FX) spot and digital assets. Institutional digital asset markets face heightened risks in funding, trade execution, and settlement, which the FX spot market mitigated through intermediation by regulated entities and a clear separation of responsibilities. Building on these lessons, the digital asset market is currently evolving towards a structure similar to the FX spot market. Even though the FX spot market is known for its extensive electronification, technological innovations from digital assets can help address an important risk in FX spot markets, namely, FX settlement risk.