Digital money firm Circle, announced today it has expanded its global offering with the launch and regulatory licensing of a new subsidiary in Bermuda. The company plans to serve non-US Poloniex customers with their new Bermuda operations, and expects to offer many new digital asset services from Bermuda over time.
Bermuda’s Digital Assets Business Act of 2018 (DABA) provides a comprehensive framework for the regulation and oversight of crypto financial services including digital asset issuance, sale & redemption, exchange operations, and custodial services.
Circle is the first major crypto finance company to receive a Class F (Full) DABA license in Bermuda that covers the operation of payment services, custody, exchange, trading and other financial services that use digital assets.
In the near term, non-US customers will use Poloniex through the new Circle International Bermuda entity. The transition opens the door for non-US customers to access an exciting roadmap of new capabilities Circle plans to release in the coming months including new crypto asset listings, advanced trading products, and more.
“While the Bermuda regulatory framework enables technical and business innovation, it simultaneously enforces high regulatory and supervisory standards. DABA protects customers with stringent requirements for managing enterprise, cybersecurity and custody risks. The framework also actively guards against international criminal activity with one of the strongest regimes in the world for anti-money laundering (AML) and combating the financing of terrorism (CFT) in ways that are compliant with Financial Action Task Force (FATF) standards. Bermuda’s pioneering approach is the kind of regulatory framework we’ve long advocated to unleash growth in the crypto industry. Moreover, we’ve witnessed first hand that the Bermuda government is prepared to iterate and evolve new regulatory rules alongside the pace of technical innovation in the crypto and blockchain field.”
– The Cirlce Team