Crypto financial services company BlockFi said the Bermuda Monetary Authority has granted BlockFi’s Bermuda subsidiary, BlockFi International Ltd., a Class F Digital Assets Business License.
The license enables BlockFi to centralize its existing products and services for non-U.S. retail and institutional clients via a comprehensive regulatory framework for cryptocurrency financial service providers.
“This license and the sound regulatory framework that Bermuda provides are a strong fit for our global business, and our ambitions for the future,” BlockFi CEO and Founder Zac Prince said. “We look forward to collaborating with the Bermuda Monetary Authority as we expand our presence in Bermuda, continue to deliver innovative products and services to our clients worldwide, and remain the most trusted financial service provider in crypto.”
BlockFi is slated to open a new office in Bermuda staffed by a combination of local personnel and existing BlockFi staff.
Among other provisions, the Class F Digital Assets Business License allows, per officials, the issuance, selling, or redeeming virtual coins, tokens, or other forms of digital assets; operating as a digital asset exchange; providing custodial wallet services; and operating as a digital asset derivative exchange provider in conjunction with Bermuda’s Digital Assets Business Act 2018 requirements.
“I applaud BlockFi on its successful receipt of a Class F Digital Asset Business License and welcome its establishment of operations in Bermuda,” Premier of Bermuda Hon. David Burt said. “BlockFi’s choice of Bermuda as a jurisdiction from which to operate its international business is a testament to the regulatory clarity and flexibility that the Bermuda Government and the Bermuda Monetary Authority have been able to establish here. We look forward to having BlockFi in Bermuda as the company continues to be a driving force for innovation in the cryptocurrency sector.”
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