Coinbase, a prominent U.S. cryptocurrency exchange, has recently announced its acquisition of a Class F license from the Bermuda Monetary Authority (BMA) to operate as a digital asset exchange in Bermuda. The news came as part of the company’s global expansion initiative, which aims to enhance its services and strengthen its position in the cryptocurrency market.
Enhancing Its Services with the Class F License
The acquisition of the Class F license provides Coinbase with a green light to offer its services in Bermuda, a high-bar regulatory jurisdiction, enabling the company to operate as a digital asset exchange in the territory. This license is part of the exchange’s efforts to expand its operations globally and offer a wider range of services to its clients.
Exploring International Markets
Coinbase’s international expansion drive is part of its strategy to tap into new markets and attract more customers. As part of this initiative, the exchange has been doubling down on its investments in Canada, where it recently hired Lucas Matheson as the country director. The company also signed a Pre-Registration Undertaking (PRU), a significant milestone towards becoming a registered exchange in Canada.
Coinbase CEO Brian Armstrong recently hinted that the exchange would consider moving its operations outside of the U.S. if clear crypto regulations are not enacted. Hence, the acquisition of the Class F license in Bermuda may provide Coinbase with the flexibility to operate outside of the U.S. and expand its presence in other international markets.
Future Plans
Despite acquiring the Class F license, Coinbase has not announced any future plans regarding its services in Bermuda. However, the company has expressed excitement about partnering with the BMA and successfully obtaining the license in a highly regulated jurisdiction.
Conclusion
The acquisition of the Class F license is a significant milestone for Coinbase, allowing the company to expand its digital asset exchange services globally. With its eyes set on the Canadian market, Coinbase’s international expansion drive shows no signs of slowing down, and the exchange is well-positioned to explore other international markets as well.
