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BlockFi Selects Bermuda to Expand Global Operations Footprint with New Digital Asset Business License

CryptocurrencyJan 25, 2022 06:01AM ET
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BlockFi Selects Bermuda to Expand Global Operations Footprint with New Digital Asset Business License

BlockFi, a crypto financial services company, is pleased to announce that the Bermuda Monetary Authority has granted its Bermuda subsidiary, BlockFi International Ltd., a “Class F” Digital Assets Business License. With this license, BlockFi will centralize its existing products and services for non-U.S. retail and institutional clients under a comprehensive and clear regulatory framework for cryptocurrency financial service providers. In addition, BlockFi will open a new office in Bermuda to be staffed by a combination of local talent and existing BlockFi staff.

"This license and the sound regulatory framework that Bermuda provides are a strong fit for our global business and our ambitions for the future," said Zac Prince, CEO and Founder of BlockFi.

"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." "Bermuda offers BlockFi the ideal jurisdiction from which to run our non-U.S. operations as it combines a robust legislative and regulatory framework with the oversight of an experienced financial services regulator," added Prince.

"I applaud BlockFi on its successful receipt of a Class F Digital Asset Business License and welcome its establishment of operations in Bermuda," said the Hon. David Burt, JP, MP, Premier of Bermuda.

"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." The “Class F” Digital Assets Business license allows BlockFi International Ltd. to provide a variety of products and services for both retail and institutional non-U.S. clients, including: issuing, selling or redeeming virtual coins, tokens or any other form of digital assets; operating as a digital asset exchange; providing custodial wallet services; operating as a digital asset derivative exchange provider; and operating as a digital assets services vendor in accordance with the requirements of Bermuda’s Digital Assets Business Act, 2018.

Walkers Global, an industry-leading international law firm, acted as the primary legal advisors to BlockFi in this matter.

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BlockFi Selects Bermuda to Expand Global Operations Footprint with New Digital Asset Business License
 

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