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The Bermuda Monetary Authority (BMA) has granted Bittrex Global Ltd. a full Class F Digital Assets Business Act license. A press release unveiled this news on September 30, noting that this permit will let Bittrex Global operate its acclaimed crypto exchange in or from Bermuda under the purview of BMA. Reportedly, the Bermuda-based company will also offer Bittrex Global an additional gateway for global accounts.
According to the press release, Bittrex Global will be able to offer additional crypto services such as futures through its Bermuda hub. However, this move would require further approval from the BMA.
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Commenting on this development, Bittrex Global’s CEO, Tom Albright said,
“The entire crypto industry is about looking forward. Working with the Bermuda Government and the BMA to be part of another regulatory community that keeps innovating is extremely exciting and is an important step in increasing crypto’s penetration at all levels of the financial industry.”
Creating a suitable environment for crypto innovation
Per the Premier of Bermuda, David Butt, attracting Bittrex Global to Bermuda is a big step. This is because the exchange is among the top crypto exchanges in the world and its decision to expand in Bermuda shows that the country’s approach towards crypto is attractive. He went on to note that the forward-looking attitude of the Bermuda government and the BMA has positioned the country as a crypto-friendly hub. Due to this progressive outlook, Burt believes Bittrex Global will be able to innovate rapidly.
Reportedly, Bermuda’s crypto-friendly stance emanates from its Digital Assets Business Act of 2018 (DABA). This law purportedly offers a comprehensive framework that helps regulate crypto financial services. These include the issuance of digital assets, sale and redemption, exchange operations, and custodial services.
DABA’s regulations and oversight shield customers with demanding prerequisites for enterprise management, security, and custody risks. On top of this, the Act protects against international criminal activity in line with the standards of the Financial Action Task Force (FATF).
Forging ways for more people to work with Bittrex
According to Stephen Stonberg, Bittrex Global’s CFO and COO, the creation of a Bermuda regulated exchange will let more people work with the firm to invest, trade, and expand their portfolios in a compliant and well-regulated space.
Stonberg added that,
“Many Governments around the world have dragged their heels in incorporating the regulatory requirements for digital asset businesses and crypto, but Bermuda has been one of the leaders in regulatory innovation. The Bermuda Government’s 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.”
Having acquired the Class F Digital Assets Business Act license and with the help of Bermuda’s concierge services, Bittrex Global’s executive team aims to start growing its presence in the country. Among these plans includes opening a Bermuda office and hiring up to three people in 2020.