Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The cryptocurrency exchange based in the US, Coinbase, has obtained authorization from the Bermuda Monetary Authority to conduct operations on the island. Additionally, it plans to launch an offshore derivatives marketplace in the area as early as next week.
CEO Brian Armstrong recently indicated that the company might consider relocating to other countries if US regulators do not establish a suitable regulatory framework for the digital asset industry.
Next Stop: Bermuda?
Coinbase disclosed in a blog entry that it has acquired a Class F License under the Digital Asset Business Act from the Bermuda Monetary Authority (BMA). The exchange also commended the island nation for being one of the initial financial centers to implement “comprehensive” cryptocurrency regulations in 2018.
“Bermuda was selected as one of our international hubs due to the BMA being a highly regarded and experienced financial regulator, led by a world-class executive team and board of directors. The BMA is also a member of various international organizations and maintains strong connections with other regulatory bodies globally,” the exchange stated.
As reported by Fortune, Coinbase may utilize this approval to initiate an offshore derivatives exchange in Bermuda in the coming days.
The British Overseas Territory in the Atlantic is not the sole location the company is considering. It has recently expanded into Brazil by incorporating the local instant payment system “Pix.”
ADVERTISEMENT
Related Posts
“First, we’ve simplified the process for you to deposit and withdraw funds from your Coinbase account using Brazilian Real, thanks to our integration with Pix, a prominent instant payment platform developed and managed by the Central Bank of Brazil,” the firm announced last month.
Coinbase has enhanced its presence in the Canadian market by appointing a new Country Director and collaborating with local policymakers and regulators. It also disclosed intentions to obtain a license from the authorities in the United Arab Emirates (UAE).
The UK Sounds Like an Option, Too
The primary motivation behind Coinbase’s international expansion appears to be the regulatory ambiguity prevalent in the USA. Earlier this week, CEO Armstrong urged US authorities to implement relevant cryptocurrency regulations to avert the migration of companies to other countries.
While emphasizing his home country as a potentially significant market for the digital asset sector, he suggested that his platform might relocate in the near future if the current conditions persist:
“Anything is on the table, including relocation or whatever is necessary.”
He recently commended the UK’s stance, asserting that the authorities have recognized the industry’s potential and begun to foster a more favorable regulatory environment. His comments sparked speculation that Coinbase might establish its headquarters in the Kingdom.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
