04-23-2023, 05:54 AM
Coinbase Goes Offshore with New Bermuda License
<p>American crypto exchange Coinbase has expanded in international presence by obtaining a new regulatory license from Bermuda Monetary Authority (BMA), an official <a href="https://www.coinbase.com/blog/an-update-to-coinbases-global-scale-to-go-broad-and-deep" target="_blank" rel="nofollow">blog post</a> revealed on Wednesday.
</p><p>New Upcoming Coinbase Derivatives Exchange?
</p><p>The Class F License under the Digital Asset Business Act will allow <a href="https://www.financemagnates.com/tag/coinbase/" target="_blank" rel="follow">Coinbase</a> to offer crypto exchange services from the offshore island and other services like token sales and issuance. According to Fortune, Coinbase is set to launch a Bermuda-based crypto derivatives exchange as early as next week.
</p><p>“Bermuda was one of the first financial centers to pass comprehensive digital assets <a href="https://www.financemagnates.com/terms/r/regulation/" class="terms__main-term" id="341d154e-1396-4d12-a357-4837e79c4146">regulation</a> in 2018, and its regulatory environment is long known for a high level of rigor, transparency, <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__secondary-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a>, and cooperation,” Coinbase wrote in the blog post.
“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.”</p><p>Hostile US Regulations
</p><p>Coinbase added a Bermuda license when its top executives criticized the lack of cryptocurrency regulations in the United States. At a recent London event, the CEO Brian Armstrong hinted that Coinbase could leave the US.
</p><p>“I think if a number of years go by where we don’t see regulatory clarity emerge in the US, we may have to consider investing more in other regions of the world,” he said.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr"><a href="https://t.co/0HxlRiI6Sy">https://t.co/0HxlRiI6Sy</a> was an offshore exchange not regulated by the SEC.The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors (and 95% of trading activity) went offshore.Punishing US companies for this makes no sense.</p>— Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1590511022104010753?ref_src=twsrc%5Etfw">November 10, 2022</a></blockquote><p>Rather than bringing regulations, the current focus of the US agencies is busting the illegalities in existing crypto exchanges. The Securities and Exchange Commission (SEC) is already engaged in a long legal battle with Ripple and has charged <a href="https://www.financemagnates.com/cryptocurrency/sec-hits-tron-founder-justin-sun-8-american-celebrities-with-charges/" target="_blank" rel="follow">Tron</a>, <a href="https://www.financemagnates.com/cryptocurrency/sec-sues-crypto-exchange-bittrex-ceo-for-operating-without-registration/" target="_blank" rel="follow">Bittrex</a>, and others. <a href="https://www.financemagnates.com/cryptocurrency/binance-ceo-calls-cftc-lawsuit-an-incomplete-recitation-of-facts/" target="_blank" rel="follow">Binance and its CEO</a> are also facing various charges from the Commodity Futures Trading Commission (CFTC). In addition, Coinbase is expecting <a href="https://www.financemagnates.com/cryptocurrency/regulation/coinbase-expects-enforcement-action-amid-secs-wells-notice/">enforcement action against it</a> for its crypto lending products.</p><p>Headquartered and listed in the US, Coinbase now has a significant presence outside the country. It already holds regulatory licenses in Canada, Singapore, Australia, the United Kingdom, Ireland, and the Netherlands. It is now seeking a license in the United Arab Emirates.
</p><p>“Our approach globally will be consistent with our approach in the United States: we will work with governments and regulators in different markets, and will always aim to be the most trusted and compliant crypto company in any market,” the Coinbase blog post added.
</p>
This article was written by Arnab Shome at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...a-license/
<p>American crypto exchange Coinbase has expanded in international presence by obtaining a new regulatory license from Bermuda Monetary Authority (BMA), an official <a href="https://www.coinbase.com/blog/an-update-to-coinbases-global-scale-to-go-broad-and-deep" target="_blank" rel="nofollow">blog post</a> revealed on Wednesday.
</p><p>New Upcoming Coinbase Derivatives Exchange?
</p><p>The Class F License under the Digital Asset Business Act will allow <a href="https://www.financemagnates.com/tag/coinbase/" target="_blank" rel="follow">Coinbase</a> to offer crypto exchange services from the offshore island and other services like token sales and issuance. According to Fortune, Coinbase is set to launch a Bermuda-based crypto derivatives exchange as early as next week.
</p><p>“Bermuda was one of the first financial centers to pass comprehensive digital assets <a href="https://www.financemagnates.com/terms/r/regulation/" class="terms__main-term" id="341d154e-1396-4d12-a357-4837e79c4146">regulation</a> in 2018, and its regulatory environment is long known for a high level of rigor, transparency, <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__secondary-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a>, and cooperation,” Coinbase wrote in the blog post.
“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.”</p><p>Hostile US Regulations
</p><p>Coinbase added a Bermuda license when its top executives criticized the lack of cryptocurrency regulations in the United States. At a recent London event, the CEO Brian Armstrong hinted that Coinbase could leave the US.
</p><p>“I think if a number of years go by where we don’t see regulatory clarity emerge in the US, we may have to consider investing more in other regions of the world,” he said.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr"><a href="https://t.co/0HxlRiI6Sy">https://t.co/0HxlRiI6Sy</a> was an offshore exchange not regulated by the SEC.The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors (and 95% of trading activity) went offshore.Punishing US companies for this makes no sense.</p>— Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1590511022104010753?ref_src=twsrc%5Etfw">November 10, 2022</a></blockquote><p>Rather than bringing regulations, the current focus of the US agencies is busting the illegalities in existing crypto exchanges. The Securities and Exchange Commission (SEC) is already engaged in a long legal battle with Ripple and has charged <a href="https://www.financemagnates.com/cryptocurrency/sec-hits-tron-founder-justin-sun-8-american-celebrities-with-charges/" target="_blank" rel="follow">Tron</a>, <a href="https://www.financemagnates.com/cryptocurrency/sec-sues-crypto-exchange-bittrex-ceo-for-operating-without-registration/" target="_blank" rel="follow">Bittrex</a>, and others. <a href="https://www.financemagnates.com/cryptocurrency/binance-ceo-calls-cftc-lawsuit-an-incomplete-recitation-of-facts/" target="_blank" rel="follow">Binance and its CEO</a> are also facing various charges from the Commodity Futures Trading Commission (CFTC). In addition, Coinbase is expecting <a href="https://www.financemagnates.com/cryptocurrency/regulation/coinbase-expects-enforcement-action-amid-secs-wells-notice/">enforcement action against it</a> for its crypto lending products.</p><p>Headquartered and listed in the US, Coinbase now has a significant presence outside the country. It already holds regulatory licenses in Canada, Singapore, Australia, the United Kingdom, Ireland, and the Netherlands. It is now seeking a license in the United Arab Emirates.
</p><p>“Our approach globally will be consistent with our approach in the United States: we will work with governments and regulators in different markets, and will always aim to be the most trusted and compliant crypto company in any market,” the Coinbase blog post added.
</p>
This article was written by Arnab Shome at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...a-license/