Coinbase receives a license on Bermuda

Coinbase receives a license on Bermuda

The cryptocurrency exchange based in the USA-Coinbase-received approval from Bermuda Monetary Authority to operate on the island. It also intends to set up an offshore marketplace for derivatives in the region next week.

CEO Brian Armstong recently said that his company could move to other countries if the American supervisory authorities do not impose a reasonable regulatory framework for the digital asset sector.

Next stop: Bermuda?

Coinbase announced in a blog post that it secured a great F license after the Digital Asset Business Act by Bermuda Monetary Authority (BMA). It also praised the island state for being one of the first financial centers to adopt a “comprehensive” cryptor regulation in 2018.

"Bermuda was selected as one of our international nodes, since the BMA is a highly regarded and experienced financial supervisory authority, which is led by a first-class management team and a board. Exchange.

According to a Fortune report, Coinbase could use the approval to open an offshore derivative exchange on Bermuda in the following days.

The British overseas area in the Atlantan Ocean is not the only goal that the company has in sight. It recently expanded in Brazil by integrating the local instant payment system "Pix".

"Firstly, thanks to our integration with PIX, a well-known immediate payment platform, which is created and managed by the Brazilian central bank, we have made it easy to recharge your coin base account with Brazilian and to withdraw money from it." announced the company last month.

Coinbase strengthened its presence on the Canadian market by hiring a new country director and cooperation with local political decision-makers and regulatory authorities. It also revealed plans to receive a license from the United Arab Emirates authorities (VAE).

Great Britain also sounds like an option

The main reason for the international expansion of Coinbase seems to be the regulatory uncertainty that prevails in the United States. At the beginning of this week, CEO Armstrong pushed The American authorities to enforce relevant crypta rules to prevent the outflow of companies into other nations.

While he highlighted his home country as a potential key market for the digital asset sector, he indicated that his platform could move in the near future, the situation should remain the same:

"Everything is on the table, including moving or whatever is necessary."

He recently praised the United Kingdom's approach and claimed that the authorities had recognized the potential of the industry and began to create an inviting regulatory environment. His words triggered rumors that Coinbase could build a headquarters in the kingdom.

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