Coinbase, one of the leading cryptocurrency exchanges, has obtained a license from the Bermuda Monetary Authority. This license allows Coinbase to provide services for digital assets such as cryptocurrencies and tokens to customers in Bermuda. The move is part of Coinbase’s ongoing efforts to expand its services globally and provide greater access to the crypto market for customers around the world. The license also demonstrates Bermuda’s commitment to becoming a hub for fintech and digital asset companies, as the island nation continues to attract innovative companies and entrepreneurs from around the world.
Coinbase Receives Approval for Bermuda Expansion
US-based cryptocurrency exchange Coinbase has received approval from Bermuda’s Monetary Authority to operate on the island. The exchange announced that it had secured a Class F License under the Digital Asset Business Act from the BMA. It also intends to establish an offshore derivatives marketplace in the region as soon as next week. This development follows Coinbase’s recent expansion into Brazil by integrating the local instant payment system “Pix.”
Coinbase’s CEO Brian Armstrong recently said the entity could relocate to other countries if US watchdogs do not impose an appropriate regulatory framework on the digital asset sector. The main reason for Coinbase’s international expansion seems to be regulatory uncertainty in the US. His words triggered rumors that Coinbase might set up headquarters in the UK, following Armstrong’s praise of the country’s approach. Coinbase strengthened its presence in the Canadian market by hiring a new Country Director and collaborating with domestic policymakers and regulators. It also revealed plans to secure a license from the authorities of the UAE.
According to a Fortune report, Coinbase may use the authorization to launch an offshore derivatives exchange in Bermuda in the following days. The BMA is known for being among the first financial hubs to pass comprehensive cryptocurrency regulation in 2018. The British Overseas Territory in the Atlantic Ocean is not the only destination the firm has set eyes on. It recently expanded into Brazil by integrating the local instant payment system “Pix.”
As Coinbase expands its global presence, it may relocate to other countries if the American authorities do not enforce pertinent crypto rules to prevent the outflow of firms to other nations. Anything is on the table, including relocation or whatever is necessary, claims CEO Armstrong. While highlighting his homeland as a potential key market for the digital asset sector, he hinted that his platform might move in the near future should the situation remain the same.
In conclusion, Coinbase has secured a license from Bermuda’s Monetary Authority to expand its operations to the island. The entity also expects to establish an offshore derivatives marketplace in the region as soon as next week. The news follows Coinbase’s expansion into Brazil and its strengthening presence in the Canadian market.
1. Coinbase Ventures Off to Bermuda Amid Regulatory Uncertainty in the US
2. Coinbase Expands to Bermuda with License Approval