Major crypto payments firm Circle will launch a new subsidiary in Bermuda in order to serve non-American customers of its trading platform Poloniex. In a blog post on July 22, Circle said that it has acquired a full license to offer crypto-related services under Bermuda’s Digital Assets Business Act of 2018, a major local regulatory framework for cryptocurrencies that was introduced in July 2018. Many Circle services will be unavailable in the U.S. due to regulatory limitations As a part of the expansion to Bermuda, Circle plans to offer an array of new crypto-related services, including advanced trading products and …

Bermuda-based fintech firm Velocity Ledger Technology (VLT) has launched a testnet and blockchain API for trading digital assets in Bermuda, according to a press release shared with Cointelegraph on May 28. VLT is reportedly letting users develop digital asset applications with their blockchain viewer and web portal, if they are granted early access to the products via request forms. User can create apps for issuing, trading and settling digital asset tokens. Companies can reportedly launch initial coin offerings (ICOs) via these applications via a white label software-as-a-service basis, provided that they are approved by the Ministry of Finance of Bermuda …

The Bermuda Ministry of Finance has approved the initial coin offering (ICO) of trading company Velocity Ledger Holdings Limited (VLHL), according to a press release published on April 10. VLHL’s subsidiary VL Financial is now in the application process with the Bermuda Monetary Authority (BMA) to obtain the relevant licenses to operate. If approved by the BMA, the company will operate a digital asset exchange in Bermuda. The release notes that the company can use VL tokens for payment for licensing VL technology platforms and services. Commenting on the development, Shawn Sloves, CEO of VLHL, said that “Bermuda has adopted …

Phillip Potter, co-founder of Tether (USDT) and former Chief Strategy Officer of affiliate crypto exchange Bitfinex, has joined the advisory board of a new stablecoin clearing house project, Stablehouse.io. The news was shared with Cointelegraph in a press release on Feb. 5. Stablehouse.io, currently under development by crypto finance company XBTO, aims to act as a central clearing counterparty (CCP) for stablecoins — a type of crypto asset designed to experience less price volatility, either by being notionally fiat-collateralized or via an algorithmic peg. The clearing house will charge investors a fixed fee in exchange for acting as a centralized …

Bermuda’s financial regulator has released draft regulation for crypto custodial services, according to an official press release issued on Tuesday, Dec. 18. The Bermuda Monetary Authority’s (BMA) draft regulatory document, entitled “Digital Asset Custody Code of Practice,” seeks to clarify the regulator’s stance on crypto custodial services in Bermuda and to protect clients’ assets. The document provides a detailed regulatory basis for offering crypto custody services, including both business management and technology issues, such as transaction handling, incident reporting, keys generation and operating hot and cold storage. Aiming to deliver a high level of protection for crypto custody clients, the …

Bitcoin’s boom has spawned more than just a digital currency revolution. Companies across the globe have explored the potential of blockchain technology in a range of different spheres, including cars, phones, and a multitude of disruptive alternatives in banking, government and as well as shipping. Also, it is not only the small startups that are trying to push blockchain innovation, but rather conglomerates as big as Amazon, Alibaba and Microsoft. However, these companies are still trying to negotiate an ever-expanding regulatory framework that is growing at different rates across different states. Many different companies began springing up within the cryptocurrency …