Bittrex Global gets cleared to run crypto exchange from Bermuda

CoinTelegraph

Crypto exchange Bittrex Global received the green light from Bermuda’s financial watchdog to run its operations under the supervision of local authorities.

According to the official announcement, the company got a full “Class F Digital Assets Business Act” license from the Bermuda Monetary Authority, or BMA, which will allow them to offer crypto services such as futures, subject to further approval by the watchdog.

How To Get Free Crypto  

Bermuda’s positive regulatory stance towards crypto comes within the context of the Digital Assets Business Act approved in 2018. This established the first legal framework for crypto companies who want to run their businesses from the island. It included provisions for digital asset issuance, exchange operations, and custodial services.

Commenting on the approval, Stephen Stonberg, chief financial officer and chief operating officer at Bittrex Global’s Bermuda subsidiary, said:

“The Bermuda Government’s concierge service has made the process of setting up our operations in Bermuda seamless. Having a single point of contact within the Government to manage interactions was a refreshing change of pace.”

David Burt, Bermuda’s crypto-friendly Premier, said that the approval granted to Bittrex Global was proof that the island offers “the ideal regulatory clarity and flexibility” to allow exchanges to innovate “quickly.”

The Government of Bermuda recently announced their partnership with stablecoin platform, Stablehouse. Together they hope to roll out a pilot program for a digital “stimulus” token, targeting both residents and merchants within the islands.

The Bermuda government will also use the tokens to distribute payments to those who qualify for coronavirus-related financial aid.

Go to Source
Author: Felipe Erazo


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.