Global financial services company, Circle, announced today the expansion of their international digital asset offerings with the launch of a new subsidiary in Bermuda. The Bermuda government has provided the company with a “Class F” license under their, making Circle the first major cryptocurrency exchange and wallet service ever to receive such a permit.
Yet while Circle has proven to be an impressive financial services company that plays by the books, many governments remain hesitant to outline regulatory requirements for digital assets and cryptocurrencies. In turn, growth for these offerings has been hampered.
According to the Honorable Premier David Burt, a Bermudian government official working with closely with Circle, he believes this relationship will open the door to more growth and innovation moving forward. “We look at tokens and token projects as an interesting experiment that approach the creation of the ‘internet of finance.’ We want to innovate safely and in full compliance with the law in which our projects operate, which requires clarity of laws. For instance, it is often the case that a token functions as a currency, but also has characteristics of say a commodity or an investment contract.
While these offerings will only be available for non U.S. customers, Circle has made it very clear that the company will continue its U.S. operations. The question as to how its U.S. customers will benefit from all this remains uncertain, though.
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