Circle, a firm that handles crypto payments based in the United States, is expanding its offerings to Bermuda it reveals via a blog post. The goal here is to customers looking to use Poloniex, but can’t.
Expanding to new markets
“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,” claims the post. “We will also continue our existing operations in the US, Ireland, the UK, and Hong Kong.”
More reasoning is due to Bermuda being ahead of the game when it comes to cryptocurrency and blockchain regulation. While most countries across the world are failing to do so, Bermuda has “an exceptionally well designed and comprehensive regulatory framework” under the Digital Assets Business Act of 2018 (DABA). “DABA provides a comprehensive framework for the regulation and oversight of crypto financial services including digital asset issuance, sale and redemption, exchange operations, and custodial services,” reads the post.
On that note, customers should be aware that Circle is the first-ever crypto finance company to “receive a Class F (“Full”) DABA license” that ensures they can operate as a payment service, have custody over assets, work as a cryptocurrency exchange, participate in crypto trading, and pretty much anything else regarding 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.”
Essentially, the company realizes that cryptocurrencies cannot fall under traditional regulation. “A digital asset may function simultaneously as an investment contract, a commodity, a utility in a service, and a payment currency,” claims the blog post. It’s because of this that Circle is so attracted to digital assets. The power here is unprecedented.
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