Circle, a major crypto payments firm launches a new subsidiary in Bermuda so as to enable non-American customer privy of its trading platform Poloniex.
As per a blog post on July 22, Circle has earned a full license that will allow crypto-related services under Bermuda’s Digital Assets Business Act of 2018, introduced in July 2018 it is a major local regulatory framework for cryptocurrencies.
Regulatory limitations
Circle elaborate in the announcement that it intends to offer an array of new crypto-related services such as advanced trading products and new crypto asset listings. Though many of such services will not be available in the United States, citing U.S. regulatory limitations.
Circle went on to add that they are still committed to serving American customers and advocate for regulatory changes ensuring the “U.S. economy is not left behind by opportunities created from digital asset and crypto innovation.” The firm praised Bermuda’s approach to crypto at the same time, claiming that the government is ready to evolve new regulation, so as to contribute in its technical innovation in the crypto and blockchain industries.
Circle concluded by adding that they will continue their existing operations in the United Kingdom, Ireland, Hong Kong, as well as the U.S.
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