U.S. crypto exchange Coinbase secures Bermuda licence A new way!!

Coinbase CEO Brian Armstrong said on Tuesday that crypto firms will develop in "offshore" havens unless the U.S.

 

On April 20th, Coinbase Global Inc, a large cryptocurrency exchange based in the United States, announced that it had received a license to operate in Bermuda. The move is part of a larger effort to expand Coinbase's presence around the world.

Coinbase CEO Brian Armstrong has stated that unless there is "clarity about regulation" for cryptocurrencies in the US and the UK, crypto firms will continue to develop in offshore locations. This may be due in part to increased actions against cryptocurrency firms by regulators and law enforcement agencies in the US this year.

In March, the US Securities and Exchange Commission (SEC) threatened to sue Coinbase over certain products. In response, Coinbase has obtained a license from the Bermuda Monetary Authority to operate as a digital asset business there. The exchange is also in discussions with financial regulators in Abu Dhabi about a potential license.

Coinbase plans to launch a cryptocurrency derivatives exchange in Bermuda as soon as next week, according to a report by Fortune. This move could be significant, as the market for derivatives trading is currently much larger than the market for spot trading.

However, US SEC Chair Gary Gensler has expressed concern about the lack of compliance with laws by cryptocurrency firms. While crypto firms have called for regulatory clarity, Gensler has suggested that the problem is a lack of regulatory compliance, not a lack of regulatory clarity.

In summary, Coinbase's announcement of a license to operate in Bermuda is part of a larger effort to expand its business globally. However, the regulatory environment for cryptocurrency firms remains uncertain, with concerns about compliance with laws and the need for greater clarity around regulation.