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    Home»News»Policy & Economy»Coinbase Gets License for Offshore Exchange in Bermuda
    Policy & Economy

    Coinbase Gets License for Offshore Exchange in Bermuda

    Anietie DavidBy Anietie DavidApril 20, 2023Updated:April 20, 2023No Comments2 Mins Read
    Coinbase Gets License for Offshore Exchange in Bermuda
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    United States-based cryptocurrency exchange Coinbase has received a license to operate in Bermuda and is reportedly set to launch a derivatives exchange based there as soon as next week. 

    Coinbase in a blog post has revealed that it has received our regulatory license to operate from the Bermuda Monetary Authority, the country’s financial authority. The license, a Class F License under the Digital Asset Business Act, authorizes Coinbase to engage in a variety of operations, including token sales and issuance. It also allows it to function as both a digital asset exchange and a supplier of digital asset derivatives exchange.

    According to a Forbes story, Coinbase plans to start a derivatives exchange in Bermuda as soon as next week. Coinbase cited clear regulations as the reason why Bermuda “was chosen as one of our financial hubs” and explained its regulatory environment “is long known for a high level of rigor, transparency, compliance, and cooperation.”

    Some in the crypto community believe this is the beginning of the end for Coinbase in the United States, as it comes just a day after CEO Brian Armstrong stated at a fintech event in London that the exchange may consider leaving the country due to regulatory uncertainty.

    Coinbase CEO Speaks Out Against SEC Crypto Regulations 

    Armstrong has been outspoken about the state of cryptocurrency regulations, arguing in November last year that the Securities and Exchange Commission has failed to provide regulatory clarity, which is driving investors and trading activity overseas.

    Another obvious advantage of a Bermuda-based exchange is its tax legislation. Bermuda requires businesses to pay a payroll tax, but it has a corporation tax rate of 0%, which means earnings are tax-free, making it an appealing base for enterprises trying to decrease costs. 

    The most recent development is an update to Coinbase’s “go broad and go deep” strategy, in which the company seeks to “establish regulated entities and local operations” to support international expansion.

    Blockchain Brian Armstrong Coinbase
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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