Bittrex Global Granted DABA License Approval to Operate Crypto Exchange in Bermuda
Bittrex crypto exchange has been awarded a license to operate in Bermuda under the Island’s Digital Assets Business Act (DABA) of 2018. The Seattle based digital asset exchange will now expand its operations and is currently in the process of opening an office in Bermuda. According to the announcement on September 30, Bittrex was granted a full Class F DABA license and is set to operate under the Bermuda Monetary Authority (BMA).
The newly licensed Bittrex Global (Bermuda) is expected to feature crypto trading services not limited to swapping around 200 digital assets that are available on the exchange. Over time, the exchange intends to scale its services in Bermuda to include advanced crypto products such as futures. Tom Albright, the CEO of Bittrex Global, has expressed optimism in the Bermuda debut,
“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.”
Notably, Bermuda has been positioning itself as a crypto-friendly jurisdiction in the recent past. The small British Island territory is one of the most progressive environments for crypto acceptance and adoption. David Burt, the Bermuda Premier, highlighted this as one of the significant value propositions crypto entities can derive by setting up in the Island,
“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.”
The DABA license has been particularly instrumental to Bermuda’s growing crypto space; this regulatory framework provides a comprehensive oversight on crypto activity, including custodial services, exchange operations, issuance, and the sale of these assets. Also, it ensures due diligence and checks on the illegal activity as per the Financial Action Task Force (FATF) guidelines. Bittrex Global (Bermuda) CFO & COO, Stephen Stonberg, highlighted that,
“Adding the Bermuda regulated exchange means more people can work with Bittrex Global to invest, trade and expand their portfolios in a fully compliant and well-regulated environment.”
While the new license to operate in Bermuda comes as a boost to Bittrex, the exchange recently terminated its services in 7 jurisdictions, including Ukraine, Belarus, Panama, Nicaragua, Myanmar, Mali, and Burundi.