Major crypto payments firm Circle will launch a new subsidiary in Bermuda in order to serve non-American customers of its trading platform Poloniex.
In a weblog publish on July 22, Circle mentioned that it has bought a complete license to provide crypto-related products and services below Bermuda’s Virtual Property Industry Act of 2018, a big native regulatory framework for cryptocurrencies that was once presented in July 2018.
“We’ve always been advocates for forward looking regulatory clarity on digital assets. That being said, we’ve been searching the world for jurisdictions that met our criteria, but that were also deeply focused on regulatory compliance. We evaluated a number of places to base our international operations in and Bermuda was a perfect fit. Under the DABA license, Circle will be able to operate a suite of regulated crypto financial services for our international customer base, including expanded digital asset product offerings,” Gus Coldebella, Circle’s chief legal officer Said
Today, we’re expanding our global offerings with the launch and regulatory licensing of a new subsidiary in Bermuda. We plan to serve non-US Poloniex customers with our new Bermuda operations, and we expect to offer many new digital asset services from Bermuda over time. We will also continue our existing operations in the US, Ireland, the UK, and Hong Kong
Circle is the first major crypto finance company to receive a Class F (“Full”) DABA license that covers the operation of payment services, custody, exchange, trading and other financial services that use digital assets. As a result, we’ll be able to deliver new innovations, including asset listings and trading services, to global customers while also staying true to our commitment to compliant, well-supervised operations and customer protections.
Circle isn’t announcing any specific products on their road map, yet the company is excited for the opportunities that are being unlocked and made possible due to their new operations in Bermuda.