Crypto license: Coinbase, its feet in the turquoise waters of Bermuda

For the moment, we have learned nothing of the fate of Gary Gensler as part of his passage before members of the United States Congress. In any case, some elected officials persist in dismissing him for its aggressive policy plaguing the crypto-sphere. This would have pushed some companies to migrate to more lenient skies, they believe. Is this the reason that prompted Coinbase to offer itself a license to operate in Bermuda ?

Coinbase obtains license in Bermuda

AT lack of clear regulations, American crypto exchanges are threatening to leave the continent. For them, better migrate to warmer skies than let the SEC fleece. This is the case of Coinbase, which recently suggested that it will weigh anchor.

Coinbase: one foot in the United States and one foot in Bermuda

In a article published on April 20Fortune revealed that Coinbase has obtained a license to operate as Bermuda cryptocurrency exchanges.

Obtaining a class F license in Bermuda for Coinbase – Source: Blog from Coinbase

Coinbase Bermuda Ltd. has been granted a Class F license under the Digital Assets Business Act by the Bermuda Monetary Authority (BMA). Bermuda was one of the first financial centers to adopt comprehensive digital asset regulations in 2018, and its regulatory environment has long been renowned for its 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 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. »

What is the reason for this choice?

Of course, Coinbase carries interest in Bermuda’s clear regulations. One thing that the United States cannot sit down at the moment. The reason : divergence of political views.

The SEC is guilty in this fuzzy regulatory affair

The fact that Brian Armstrong and his team decided to embark on this Atlantic adventure has been interpreted by observers as the announcement of a final departure. Moreover, once this class F license has been obtained, Coinbase Plans to Conduct Token Sale and Issuance Activities in Bermuda. But we will also note that the American crypto company will not hesitate to practice it as a crypto exchange. Or like a digital asset derivatives provider.

Fortunately, the United States has rather far-sighted elected officials like Cynthia Lummis. This has already alerted the world to the need for clear regulations. If so, the country will be hollowed out of crypto companies.

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