Bittrex Global cryptocurrency exchange has received the green light from FCA of Bermuda to conduct its business under the control of local authorities.
According to the official announcement, the company has received a full license from the “Class F Digital Assets Business Law” from the Bermuda Monetary Authority, which will allow it to offer crypto services such as futures contracts, subject to further regulatory approval.
The positive attitude of Bermuda regulators towards cryptocurrencies is associated with the Digital Business Law passed in 2018. This created the first legal framework for crypto companies wishing to operate from the island. It included provisions on digital asset issuance, exchange transactions and custodian services.
Stephen Stoneberg, CFO and CEO of Bittrex Global Bermuda Branch of Bittrex Global, commented on this statement:
“The Bermuda State Concierge Service has made it easier for us to organize our operations in Bermuda. Having a single government contact point for customer interaction was a great change in pace. ”
David Burt, Bermuda’s crypto-friendly prime minister, said the Bittrex Global endorsement is proof that the island provides “exemplary regulatory clarity and flexibility” to enable exchanges to “innovate quickly.”
The Bermuda government recently announced its partnership with the Stableecoin platform. Together, they hope to launch a pilot digital “incentive” program targeting island residents and merchants.
The Bermuda government will also use tokens to distribute payments to those eligible for coronavirus-related financial support.