Coinbase secures Bermuda licence as frustration with US bubbles up
finextra.comAnother crypto player, Bittrex, recently quit the US over regulatory concerns.
The firm has since been charged by the SEC with operating an unregistered securities exchange.Amid the uncertainty at home, Coinbase has been on an eight-week "international expansion drive" that has so far seen it secure a Class F license from the Bermuda Monetary Authority (BMA), allowing it to operate as a digital asset exchange in the territory."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," says a Coinbase blog.A derivatives exchange could be launched on the island as soon as next week, according to Fortune.Coinbase's international drive also involves efforts in Singapore, Brazil, Canada, the UAE and Europe, where the company notes this week's adoption of MiCA rules, calling it "a pivotal moment for crypto in the region, and the work of European policymakers should be held up as an example".Says the blog: "Coinbase chose to become a public company in the US because we believe the US would best be served by embracing this fundamental innovation, but we’re also focused on international markets, many of which are moving forward with strategies to become “crypto hubs.” "We would like to see the US take a similar approach, but a regulation by enforcement approach in the US is instead leading to a disappointing trend for crypto development in the US."
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