New crypto company licensed by BMA
An international crypto financial services company is to service all non-US clients from the island after its Bermudian-based subsidiary company was granted a Class F digital assets business licence by the Bermuda Monetary Authority.
New Jersey-headquartered BlockFi is the parent company of BlockFi International Limited, the licence holder in Bermuda.
With this licence, BlockFi said, it will centralise its existing products and services for non-US retail and institutional clients under a comprehensive and clear regulatory framework for cryptocurrency financial service providers.
The company said BlockFi will open an office in Bermuda to be staffed by a combination of local talent and existing BlockFi staff.
Zac Prince, chief executive and founder of BlockFi, said: "This licence and the sound regulatory framework that Bermuda provides are a strong fit for our global business and our ambitions for the future.
"We look forward to collaborating with the Bermuda Monetary Authority as we expand our presence in Bermuda, continue to deliver innovative products and services to our clients worldwide, and remain the most trusted financial service provider in crypto."
He added: "Bermuda offers BlockFi the ideal jurisdiction from which to run our non-US operations as it combines a robust legislative and regulatory framework with the oversight of an experienced financial services regulator."
David Burt, the Premier, said: "I applaud BlockFi on its successful receipt of a Class F Digital Asset Business Licence and welcome its establishment of operations in Bermuda.
"BlockFi's choice of Bermuda as a jurisdiction from which to operate its international business is a testament to the regulatory clarity and flexibility that the Bermuda Government and the Bermuda Monetary Authority have been able to establish here. We look forward to having BlockFi in Bermuda as the company continues to be a driving force for innovation in the cryptocurrency sector."
The Class F licence allows BlockFi International Ltd to provide a variety of products and services for both retail and institutional non-US clients, the company said, including: issuing, selling or redeeming virtual coins, tokens or any other form of digital assets; operating as a digital asset exchange; providing custodial wallet services; operating as a digital asset derivative exchange provider; and operating as a digital assets services vendor in accordance with the requirements of Bermuda's Digital Assets Business Act, 2018.
BlockFi was founded in 2017 by Mr Prince and Flori Marquez.
The company said it is building a bridge between cryptocurrencies and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors.
The company said Walkers Global acted as the primary legal advisers to BlockFi in this matter.
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