Crypto exchange Bittrex Global received the green light from Bermuda’s financial watchdog to run its operations under the supervision of local authorities.
According to the official announcement, the company got a full “Class F Digital Assets Business Act” license from the Bermuda Monetary Authority, which will allow them to offer crypto services such as futures, subject to further approval by the watchdog.
Bermuda's positive regulatory stance toward crypto comes within the context of the Digital Assets Business Act approved in 2018. This established the first legal framework for crypto companies that 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 Global’s Bermuda subsidiary, said:
“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.”
David Burt, Bermuda’s crypto-friendly premier, said that the approval granted to Bittrex Global was proof that the island offers “the ideal regulatory clarity and flexibility” to allow exchanges to innovate “quickly.”
The government of Bermuda recently announced its partnership with stablecoin platform Stablehouse. Together, they hope to roll out a pilot program for a digital “stimulus” 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.