According to a blog post published on April 19, a crypto company has secured a licence to operate in Bermuda.
Coinbase has been granted a licence in Bermuda
The Bermuda Monetary Authority (BMA) has granted Coinbase a Class F Licence under the Digital Asset Business Act.
Bermuda was one of the first countries to pass full digital asset laws in 2018, and the company applauded its “level of rigour, transparency, compliance, and cooperation.”
According to the company, it chose the country as an international base because of the BMA’s world-class leadership and involvement in global regulation.
According to other Fortune publications, Coinbase could start its offshore futures market in Bermuda by the end of this month.
Coinbase’s most recent blog post also addressed the company’s accomplishments in Singapore, Brazil, Canada, the United Arab Emirates (UAE), and Europe.
In the United States, exchanges confront regulatory obstacles
Coinbase CEO Brian Amstrong previously stated that his company may leave the United States to operate in the United Kingdom due to regulatory issues in the former country.
In the United States, the firm has faced a number of legal lawsuits. In March, it received a Wells notice from the Securities and Exchange Commission (SEC).
In January, the company reached an unrelated settlement with the New York Department of Financial Services (NYDFS), and in 2021, it reached a settlement with the Commodity Futures Trading Commission (CFTC).
Though Coinbase’s Bermuda licence and other extensions do not constitute a complete shift outside, nor do they address the difficulties raised above, Coinbase stated that it is taking a “go broad and go deep approach” to ensure that it can serve users globally.
Coinbase isn’t the only cryptocurrency startup that’s going global. Kraken just announced regulatory permission in Ireland, and Binance expanded to Sweden in January. Each exchange also serves numerous nations.
To read our blog on “Crypto worth $23 M was compromised due to Bitrue exchange’s hack,” click here