The cryptocurrency exchange Poloniex has announced international business expansion via opening a new office in Bermuda, which will service the bulk of clients beyond the USA. The notice was made on the companies website this Monday.
The operator of the platform, Circle explained in the statement that the main reason behind the expansion is persisting unclear position of the US authorities towards the regulation of the cryptocurrency sector.
At the same time, the decision to choose Bermuda as the potential place for a new office is related to advanced and clear regulation there, which promotes the development of innovations in the sector and provides a favourable environment for business development.
"While many governments around the world have not kept pace with the regulatory requirements driven by rapid innovation in digital asset businesses and crypto, Bermuda has leapt forward with an exceptionally well designed and comprehensive regulatory framework: the Digital Assets Business Act of 2018 (“DABA”)," the company stated.
At the same time, platform's arms in the USA, Ireland, the UK and Hongkong will not be closed and keep working.
As for Bermuda, DABA was approved in 2018 and provides complete regulation and supervision of the crypto-related services, including issuing assets, trading, exchanges and custody activities.
Under DABA, a company must obtain the corresponding license for business operations in this jurisdiction. Circle has become the first one to win a Class F DABA license.
As a result, the platform will be able to offer "innovations, including asset listings and trading services, to global customers".
The company management summarized:
"We’re excited to be opening a new office in Bermuda. We plan to grow our Bermuda staff to more than 30 people during the next two years, with roles including general management, risk, compliance, finance, trading, and customer operations. "