Coinbase receives regulatory approval in Bermuda
Coinbase exchange successfully received regulatory approval to provide services in Bermuda and also this crypto exchange is planning to launch a derivatives exchange within the next week.
Bermuda is a very highly crypto-friendly region in the world. This island nation offers a Digital Asset Business license which allows the holder to operate an international cryptocurrency exchange or cryptocurrency-based payment service. At present, many cryptocurrency exchanges are licensed in Bermuda. Under the jurisdiction of Bermuda, cryptocurrencies are similar to foreign currencies, so citizens needed to pay a 1% direct crypto purchase tax.
On 19 April 2023, Coinbase exchange published a new blog post and confirmed that the exchange successfully received regulatory approval from the Bermuda Monetary Authority to provide several crypto services in Bermuda.
Under the latest received regime, Coinbase has full authority to provide crypto trading as well as derivatives crypto trading.
On the same day, Forbes reported that the exchange is also planning to launch an offshore derivatives exchange in Bermuda as soon as next week.
Several media reports noted that Coinbase is under very big regulatory stress in the United States and this is the reason why the exchange is trying to expand its business reach in all other countries systematically.
On 20 April, the Coinbase team openly said that the exchange aims to become a top-level global crypto exchange but failed to mention any kind of legal pressure in the US.
A crypto Twitter user also claimed that it is a sign that Coinbase may be planning to leave the USA.
Read also: Australia surpassed Asia in terms of total Bitcoin ATMs installed
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