Crypto exchange Bittrex Global received the green light from Bermudaโs financial watchdog to run its operations under the supervision of local authorities.
According to the official announcement, the company got a full โClass F Digital Assets Business Actโ license from the Bermuda Monetary Authority, or BMA, which will allow them to offer crypto services such as futures, subject to further approval by the watchdog.
Bermuda’s positive regulatory stance towards crypto comes within the context of the Digital Assets Business Act approved in 2018. This established the first legal framework for crypto companies who want to run their businesses from the island. It included provisions for digital asset issuance, exchange operations, and custodial services.
Commenting on the approval, Stephen Stonberg, chief financial officer and chief operating officer at Bittrex Globalโs Bermuda subsidiary, said:
โThe Bermuda Governmentโs 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.โ
David Burt, Bermudaโs crypto-friendlyย Premier, said that the approval granted to Bittrex Global was proof that the island offers โthe ideal regulatory clarity and flexibilityโ to allow exchanges to innovate โquickly.โ
The Government of Bermuda recentlyย announced their partnership with stablecoin platform, Stablehouse. Together they hope to roll out a pilot program for a digital โstimulusโ token, targeting both residents and merchants within the islands.
The Bermuda government will also use the tokens to distribute payments to those who qualify for coronavirus-related financial aid.
