Coinbase Granted Digital Asset Licence

April 19, 2023

Coinbase Bermuda has obtained a license from the Bermuda Monetary Authority [BMA].

An update on the company’s website said, “Coinbase Bermuda Ltd. has obtained a Class F License under the Digital Asset Business Act from the Bermuda Monetary Authority [BMA]. Bermuda was one of the first financial centers to pass comprehensive digital assets regulation in 2018, and its regulatory environment is long known for a high level of rigor, transparency, compliance, and cooperation.

“Bermuda was chosen as one of our international hubs as the BMA is a highly respected and experienced financial regulator that is led by a world-class executive team and board of directors. The BMA is also a member of several international organizations and maintains close relationships with other regulatory agencies around the world.”

Fortune reported, “The news of the Bermuda license comes a day after Coinbase CEO Brian Armstrong warned that crypto firms may seek to relocate offshore in the absence of a clear regulatory framework in the U.S.

“It’s unlikely that Coinbase has immediate plans to leave the U.S. given that it has for years touted its record of compliance in its home country, and is broadly regarded as a law-abiding by politicians and regulators. Another big U.S. company, Ripple, issued similar warnings that it could pull up stakes in 2021 but has yet to follow through.

“But even if an immediate exodus of big U.S. crypto companies is unlikely in the near future, Coinbase’s move to set up shop in Bermuda suggest that the industry is increasingly viewing locations like Hong Kong, Dubai, and Singapore—all of which have touted themselves as crypto hubs—as the industry’s primary place of business.”

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Comments (3)

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  1. Fisherman says:

    Govetnment has done this before and building sat empty for months even had squatters..Bermudian cockroaches. Yup! Going fishing…real talk!

  2. Joe Bloggs says:

    Woo hoo! New tenants for Victoria Hall!

  3. sandgrownan says:

    It’s a ponzi scheme.