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.

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.

source link: https://cointelegraph.com/news/bittrex-global-gets-cleared-to-run-crypto-exchange-from-bermuda