Crypto News

Coinbase Obtains a License in Bermuda

Coinbase, the US-based cryptocurrency exchange, has been granted a Class F License under the Digital Asset Business Act by the Bermuda Monetary Authority, allowing it to operate on the island. The company praised the “comprehensive” crypto regulation passed by the country in 2018. According to a Fortune report, the firm may use the authorisation to launch an offshore derivatives exchange on the island in the next few days. Coinbase has also expanded into Brazil by integrating the local instant payment system “Pix”, hired a new Country Director for Canada and announced plans to secure a licence from the United Arab Emirates. Coinbase CEO Brian Armstrong recently warned that the company was considering relocation to another country due to regulatory uncertainty in the US. While Armstrong highlighted the potential of the digital asset sector in the US, he stated that relocation was a possibility if the regulatory situation did not improve. Rumours suggest that the UK may be a potential destination for the company, with Armstrong praising the country’s regulatory environment.

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