Coinbase CEO Brian Armstrong said on Tuesday that crypto
firms will develop in "offshore" havens unless the US and UK create
"clarity about regulation" for crypto.
Regulators and law enforcement agencies in the US have
stepped up actions against crypto firms this year, following a series of
industry blowups in 2022. In March the US Securities and Exchange Commission
(SEC) threatened to sue Coinbase over certain products.
Coinbase has obtained a licence from the Bermuda Monetary
Authority, which allows it to operate as a digital asset business there, it
said in a blog post on Wednesday.
The exchange is also in discussion with financial regulators
in Abu Dhabi about a potential licence, the blog said.
Coinbase is planning to launch a crypto derivatives exchange
in Bermuda as soon as next week, Fortune reported on Wednesday, citing a person
close to the company.
Asked about the Fortune report, a spokesperson for Coinbase
told Reuters on Thursday the company had "nothing to announce today
regarding our future plans to offer services through this license."
Bermuda's regulator did not immediately respond to a request
for comment sent outside business hours.
Crypto derivatives trading is big business. In March,
derivatives trading volumes on major exchanges hit some $2.8 trillion,
according to London researcher CCData, versus spot trading volumes of just over
$1 trillion.
US SEC Chair Gary Gensler told lawmakers on Tuesday that he
had "never seen a field that's so non-complying with laws".
Crypto firms say they need clarity about regulations, but
Gensler has said that crypto markets "suffer from a lack of regulatory
compliance, not a lack of regulatory clarity". © Reuters
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