News Americas, HAMILTON, Bermuda, Thurs. April 20, 2023: U.S.-based cryptocurrency exchange Coinbase has secured a license from the Bermuda Monetary Authority to offer digital asset services in the country, according to a statement.
The licence, which was granted under the Digital Asset Business Act of 2018, enables Coinbase to provide trading, custody, and settlement services for cryptocurrencies, such as Bitcoin and Ethereum, to customers in Bermuda.
Coinbase’s move to obtain a licence in Bermuda comes as the country continues to position itself as a hub for the digital asset industry. Bermuda has been actively seeking to attract blockchain and cryptocurrency companies by creating a supportive regulatory environment and offering tax incentives.
Commenting on the licence, Coinbase CEO Brian Armstrong said, “We are excited to receive this licence from the Bermuda Monetary Authority, which will allow us to expand our presence in the Caribbean and offer our services to customers in this important market.”
The news of Coinbase’s Bermuda licence follows a recent announcement that the company has also obtained regulatory approval to offer crypto custodial services in Germany.
Coinbase is one of the largest cryptocurrency exchanges in the world, with over 56 million registered users and a market capitalization of over $68 billion, according to CoinMarketCap data. The company’s stock is listed on the Nasdaq exchange and has seen significant growth in recent years as interest in cryptocurrencies has surged.
As the cryptocurrency industry continues to mature and evolve, more companies are seeking to obtain regulatory approval and expand their operations in new markets. With its supportive regulatory environment and favorable tax policies, Bermuda is likely to continue to attract cryptocurrency companies looking to establish a foothold in the Caribbean region.