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BlockFi Selects Bermuda to Expand Global Operations Footprint with New Digital Asset Business License -Breaking

by Mike Robinson

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BlockFi Selects Bermuda as a Global Operations Partner to Increase its Footprint through a New Digital Asset Business License

BlockFi, a crypto financial services company, is pleased to announce that the Bermuda Monetary Authority has granted its Bermuda subsidiary, BlockFi International Ltd., a “Class F” Digital Assets Business License. BlockFi, a crypto financial services company, will now be able to centralize all of its products and services that are available for clients who do not reside in the U.S. with this license. BlockFi will also open a new Bermuda office. It will employ a mix of existing BlockFi staff and local talent.

“This license is a great fit for both our business in Bermuda and our goals for the future.
BlockFi’s CEO, Zac Prince said.

“We are looking forward to collaboration with the Bermuda Monetary Authority, as we grow our presence here, continue to offer innovative products to our customers worldwide, and stay the most trusted financial provider in crypto.”
BlockFi finds Bermuda an ideal place to conduct its non-U.S. operations. The jurisdiction combines strong legislative and regulatory structures with oversight by a financial services regulator.
Prince added

“I applaud BlockFi for its success in receiving a Class-F Digital Asset Business License, and look forward to its operations here in Bermuda.”
The Hon. David Burt (JP), MP, Premier of Bermuda.

BlockFi has chosen Bermuda to be its jurisdiction to do international business. It is an affirmation of the regulatory clarity and flexibility the Bermuda Monetary Authority (Bermuda Government) have managed to achieve. BlockFi Bermuda will continue to be a leading innovator in cryptocurrency. We are looking forward to welcoming BlockFi to Bermuda.
The “Class F” Digital Assets Business license allows BlockFi International Ltd. to provide a variety of products and services for both retail and institutional non-U.S. clients, 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.

Walkers Global was the main legal adviser to BlockFi.

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