Coinbase (COIN) was granted a license to provide its services in Bermuda, the company announced in a blog post on Wednesday as part of its efforts to expand internationally.
The Bermuda Monetary Authority (BMA) issued a Class F license to the American cryptocurrency exchange, permitting it to operate as a digital asset exchange in Bermuda.
The announcement comes two days after Coinbase CEO Brian Armstrong stated that the U.S.-based cryptocurrency exchange would consider fleeing the country if explicit crypto regulation is not enacted. In March, the exchange reportedly held discussions with institutional clients regarding the establishment of a cryptocurrency trading platform abroad.
Currently, it is unknown which services Coinbase will offer in Bermuda. A spokesperson stated that, despite being delighted with the partnership with the BMA and having obtained the Class F Licence in a stringent regulatory jurisdiction, there is presently a need for planning in order to offer services under this license.
Coinbase has announced intentions to expand internationally over the course of eight weeks. The company stated in a recent blog post that it intends to increase its investments in the Canadian market. As part of the process of becoming a registered exchange in Canada, this includes appointing Lucas Matheson as country director and completing a Pre-Registration Undertaking (PRU). Coinbase intends to increase its presence in North America and its global consumer base with this move.
Also Read: Optimism’s new client software, OP Erigon, has been released on testnet
