- Bermuda Monetary Authority ensures that the Bittrex Global gets complete access to operate in Bermuda
- They provide exchange services in nearly 200 digital assets and planning to add futures and options as well
- Bermuda’s Digital Assets Business Act of 2018 (DABA), provides a strong regulatory framework for the regulation of digital assets issuance, financial services and exchange operations.
Bittrex Global is all set to launch their Cryptocurrency Exchange in Bermuda. After getting all the necessary Class F approval from the Bermuda Monetary Authority (BMA), ensures that the Bittrex Global gets complete access to operate in Bermuda.
The Seattle based cryptocurrency exchange Bittrex post the approval is in the phase of setting their offices in Bermuda and kickstarting the operations. At present, they provide exchange services in nearly 200 digital assets and planning to add futures and options as well. Although the additional services that Bittrex will provide will undergo the screening and approval from the Bermuda government.
Expectations of the Bermuda Government
Bermuda Premier’s David Burt commented Bittrex Global choosing Bermuda as their operation base is an achievement for the country. He further continues that the progressiveness of the government and the ideal regulatory clarity is what made Bittrex Global gravitate towards the country. It is also expected that this venture will bring a boost for the country’s blockchain-based startups while simultaneously creating ana additional revenue source.
Tom Albright, CEO of Bittrex Global commented that working with the BMA is another of Bittrex providing financial services to all the levels and increasing the crypto penetration in the world.
Reasons to Choose Bermuda
Bermuda’s Digital Assets Business Act of 2018 (DABA), provides a strong regulatory framework for the regulation of digital assets issuance, financial services and exchange operations. DABA also protects the customers with their Financial Task Force (FATF). Bittrex’s this step will let the users from around the world use services from the exchange which is set up in the compliant and regulated framework, as expressed by Stephen Stonberg, Chief Financial Officer of Bittrex Global, Bermuda.
It has just been three weeks when Bittrex had to terminate its exchange services in the countries; namely, Belarus, Ukraine, Burundi, Mali, Myanmar, Nicaragua and Panama. Company in their official statement stated regulatory factors as the reasons for the service suspension. Despite such past setbacks, Premier Brut said the government of Bermuda is hopeful that the Bittrex Global will reshape the global financial system through the digital asset while Bermuda playing a major role in the process.