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Bermuda will soon have another well-known player in its cryptocurrency industry. The Seattle-based cryptocurrency exchange Bittrex Inc. was recently granted a license to operate a crypto exchange in the self-governing British overseas territory.
“Bittrex Global (Bermuda) Ltd. received a full Class F Digital Assets Business Act license to operate its acclaimed cryptocurrency exchange under the supervision of the Bermuda Monetary Authority (BMA),” Bittrex Global said in a press release.
The crypto exchange, which is currently in the process of opening its Bermuda office, plans to initially hire up to three people in 2020, according to FinanceMagnates. However, the firm already revealed plans to further hire additional manpower in the future.
The firm plans to offer additional digital asset services such as futures via its Bermuda branch. “Adding the Bermuda regulated exchange means more people can work with Bittrex Global to invest, trade and expand their portfolios in a fully compliant and well-regulated environment,” Bittrex Global’s (Bermuda) Chief Financial Officer and Chief Operating Officer Stephen Stonberg said.
Stonberg said that Bermuda’s regulatory framework has made it easier for the crypto exchange to set up shop in the territory. “Many Governments around the world have dragged their heels in incorporating the regulatory requirements for digital asset businesses and crypto, but Bermuda has been one of the leaders in regulatory innovation,” the Bittrex Global Bermuda CEO said. “The Bermuda Government’s concierge service has made the process of setting up our operations in Bermuda seamless. Having a single point of contact within the Government to manage interactions was a refreshing change of pace.”
Bermuda’s Digital Assets Business Act of 2018 (“DABA”) “provides a comprehensive framework for the regulation and oversight of crypto financial services.” Crypto-related businesses such as digital asset exchanges, e-wallet operators, and other crypto platforms that have secured a ‘Class F (‘Full’) DABA’ license are under the supervision of the Bermuda Monetary Authority (BMA).
“As one of the leading global exchanges, Bittrex Global’s choice of Bermuda for expanding its global operations is a testament to the attractiveness of Bermuda’s approach,” Bermuda Premier David Burt said. “Thanks to the progressiveness of the Bermuda Government and the Bermuda Monetary Authority, Bermuda offers the ideal regulatory clarity and flexibility to allow Bittrex Global to innovate quickly.”
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