CoinZoom counts on M licence from BMA
The Bermudian-based subsidiary of US-based crypto currency exchange CoinZoom has been granted a license by the Bermuda Monetary Authority.
CoinZoom Global Ltd’s license under the Digital Asset Business Act allows the exchange to serve as a trading platform for non-US customers outside of the US seeking an avenue to trade digital assets.
The exchange has been granted a modified “M” license, which is designed to allow a financial firm to test its proof of concept and ensure its compliance programme is effective to scale long term.
The license, issued on August 11, expires on August 9, 2023.
CoinZoom said this license is typically held for 12 months before converting to a full “F” license.
Todd Crosland, CoinZoom CEO, said: “We are delighted with this news and appreciate the Bermuda Monetary Authority working with us to grant the M license.
“We believe that running our business with an abundance of caution is paramount to protecting our customers. The implementation of a clear and well-developed set of rules for crypto firms to adhere to is vital to bringing crypto to the mainstream.”
CoinZoom said the BMA provides transparent regulatory frameworks and requirements for crypto financial services in an effort to curb international criminal activity and ensure consumers are protected.
“It was a pleasure to work with the dynamic and innovative CoinZoom team on their DABA license,” said Jerome Wilson, partner and head of Appleby’s technology & innovation practice in Bermuda.
“We look forward to working with them on many of their future plans. CoinZoom’s attraction to Bermuda further highlights the island’s strength as a leading jurisdiction in the digital asset business industry.”
The company said the CoinZoom team has extensive global exchange and trading experience which was drawn on to build a reliable, safe and innovative digital currency exchange, offering services in buying, selling, earning, sending and spending crypto currencies.
Mr Crosland said: “Our top priority is to ensure the safety of our customers’ funds and personal information.
“We’re providing a trusted avenue for both our US and international customers to invest in digital assets, and the Bermuda license allows us to expand our customer reach while remaining fully compliant.
“Being able to work with forward-thinking regulators like BMA is a very positive sign for the future of crypto currencies worldwide.”
With the license CoinZoom Global Ltd is able to operate in Bermuda as a digital asset exchange, providing custodial wallet services and margin trading for digital assets.
CoinZoom also has subsidiaries in Australia and Ireland.