Coinbase gets a license in Bermuda

As part of its international expansion, Coinbase has obtained a Digital Asset license at Bermuda. The Californian exchange is planning to open a crypto derivatives platform.

Publicly traded company Coinbase announced that it has acquired a license in Bermuda under the Digital Asset Business Act.

According to a blog post, the U.S.-based cryptocurrency exchange platform is now focusing on setting upentities in “high-level” regulatory jurisdictions to accelerate its international growth.

Bermuda was one of the first financial centers to adopt comprehensive digital asset regulation in 2018, and its regulatory environment has long been known for its high level of rigor, transparency, compliance and cooperation. Bermuda was chosen as one of our international hubs because the BMA is a highly respected and experienced financial regulator,” the article reads.

According to FortuneCoinbase is planning to open an office there soon. platform from crypto derivatives as U.S. regulators raise their voices since the FTX collapse. Last month, Bloomberg already reported that the San Francisco-based company was thinking of creating an offshore exchange.

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Earlier this week, the boss of Coinbase stated that he would not rule out going abroad if the authorities did not bring more clarity to the rules regarding digital assets.

The crypto exchange is not there yet but could thus soon start offering crypto derivatives productssuch as futures contracts, through a structure beyond the reach of the U.S. SEC and its chief Gary Gensler.

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