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Home Crypto Exchanges

Coinbase Receives Bermuda License, Could Open Offshore Exchange Next Week

Hania by Hania
April 21, 2023
in Crypto Exchanges
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Coinbase Receives Bermuda License, Could Open Offshore Exchange Next Week
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Coinbase, a cryptocurrency exchange with headquarters in the United States, has been granted permission to conduct business in Bermuda and is expected to open a derivatives exchange there as early as next week.

In a blog post published on April 19, Coinbase claimed that it had “received our regulatory license to operate from the Bermuda Monetary Authority” – the country’s financial regulator.

With the help of the license, known as a Class F License under the Digital Asset Business Act, Coinbase has the ability to carry out a variety of operations, including token sales and issuance. Furthermore, it enables it to function as a provider of digital asset derivatives exchange services as well as a digital asset exchange.

Coinbase Receives Bermuda License, Could Open Offshore Exchange Next Week

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According to a Forbes article dated April 19 that cited “a person close to the company,” Coinbase plans to open a derivatives exchange in Bermuda as early as next week.

Bermuda “was chosen as one of our financial hubs” because of its clear regulations, according to Coinbase, which also said that the country’s regulatory framework “is long known for a high level of rigor, transparency, compliance, and cooperation.”

Because it happened so soon after CEO Brian Armstrong said at a fintech conference in London that the exchange might think about leaving the United States due to a lack of regulatory clarity, some in the crypto community believe this most recent development could mark the start of Coinbase’s end in the country.

Coinbase just got a license in Bermuda to launch a futures trading service.

Not long before the main Coinbase exchange leaves the USA too IMO unless something changes at the SEC.

— Lark Davis (@TheCryptoLark) April 19, 2023

In November of last year, Armstrong said that the Securities and Exchange Commission had failed to offer regulatory certainty and was pushing investors and trading activity abroad. Armstrong has been vocal about his views on the state of cryptocurrency regulations in the United States. 

The collapse of one of the largest crypto platforms shows how much of the industry appears to be smoke and mirrors. We need more aggressive enforcement and I'm going to keep pushing @SECGov to enforce the law to protect consumers and financial stability.https://t.co/uOPi8MV25J

— Elizabeth Warren (@SenWarren) November 10, 2022

The tax laws of a Bermuda-based exchange are another evident benefit. Employers in Bermuda must pay payroll taxes, but because the country has a corporate tax rate of 0%, profits are tax-free, making it a desirable base for businesses trying to reduce costs.

The most recent development is an update to Coinbase’s “go broad and go deep” campaign, which sees it aiming to “establish regulated entities and local operations” to support global expansion.

It also highlighted its development in Europe, the United Arab Emirates, Singapore, Brazil, and Canada, adding:

“We will work with governments and regulators in different markets and always aim to be the most trusted and compliant crypto company in any market,” the company said. “Our approach globally will be consistent with our approach in the United States.”

Tags: Businesscrypto newscryptocurrency exchangeUS
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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