The Bittrex cryptocurrency exchange has announced it received a full Class F Digital Assets Business Act license from the Bermuda Monetary Authority (BMA).
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Thus, from the Bermuda hub, Bittrex Global will offer its services over time subject to further approval by the BMA, such as futures.
Bittrex Global CEO, Tom Albright, says collaborating with the Bermuda Government and the BMA to be part of another regulatory community that keeps innovating "is extremely exciting and is an important step in increasing crypto’s penetration at all levels of the financial industry."
With the license, the exchange's executive team will begin growing its presence in Bermuda. As part of the Bittrex's expansion in Bermuda, the crypto trading platform plans to hire up to three people in 2020 with further hires as the business grows into 2021 and beyond.
In October 2019, Bermuda became the very first government to accept payments for taxes, fees and other government services in stablecoin. The decision has reportedly been made in order to support the use of USD-dollar backed stablecoins and decentralized finance protocols and services.
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