The United States-based digital currency exchange Bittrex is setting up a new cryptocurrency exchange in Bermuda. Bittrex announced on Wednesday that the Bermuda Monetary Authority (BMA) has granted the company a “full Class F Digital Assets Business Act license”.
A Subsidiary of Bittrex in Bermuda
After receiving the approval, the Seattle-based digital currency exchange now would be able to open and operate its new subsidiary in Bermuda. Through its new subsidiary in Bermuda, the cryptocurrency exchange plans to offer more services related to digital assets such as futures. These additional services will also be subjected to the approval from the Bermuda Monetary Authority.
It is an important step in furthering the penetration of the cryptocurrency industry in the financial industry, said the Chief Executive Officer (CEO) of Bittrex Global Tom Albright. He stated:
“Working with the Bermuda Government and the BMA to be part of another regulatory community that keeps innovating is extremely exciting and is an important step in increasing crypto’s penetration at all levels of the financial industry.”
Stephen Stonberg, the Chief Financial Officer (CFO) and Chief Operating Officer (COO) of Bittrex Global says on the other hand, that the launch of a new regulated exchange in Bermuda will bring more people to the exchange to work with it. More people now will be able to invest and trade in a regulated environment, he said.
Bermuda Premier’s David Burt said that it is a crucial achievement for Bittrex Global to roll out its new subsidiary in Bermuda. He added, “Bittrex Global’s choice of Bermuda for expanding their global operations is a testament to the attractiveness of Bermuda’s approach. Thanks to the progressiveness of the Bermuda Government and the Bermuda Monetary Authority, Bermuda offers the ideal regulatory clarity and flexibility to allow Bittrex Global to innovate quickly.”
As the new office in Bermuda is being opened by the Bittrex exchange, therefore, it is looking forward to hiring new staff for it. It plans to hire up to three in the year 2020 and will be hiring more with the passage of time.