August 16, 2022




Home Blockchain Blockchain.com wins registration subsequent to mother or father agency on the Cayman Islands – Cointelegraph

Blockchain.com wins registration subsequent to mother or father agency on the Cayman Islands – Cointelegraph

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Blockchain.com is working to hunt registrations in international locations like Italy, France, Spain, The Netherlands and cities like Dubai.

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Blockchain.com, one of many oldest Bitcoin (BTC) infrastructure companies, is strengthening regulation and compliance efforts by securing registration within the Cayman Islands.

The blockchain pockets and cryptocurrency change platform Blockchain.com is increasing operations within the Cayman Islands after receiving registration from the Cayman Islands Financial Authority (CIMA).

Issued on July 6, the registration formally authorizes Blockchain.com to offer custodial companies, function an change, and supply over-the-counter crypto brokerage companies for institutional shoppers beneath the CIMA’s regulatory framework.

Blockchain.com’s chief enterprise officer Lane Kasselman identified that the Cayman Islands is a vital jurisdiction for the corporate’s enterprise as the area people and regulators have fostered a “sturdy blockchain enterprise ecosystem.”

Kasselman additionally instructed Cointelegraph on Tuesday that the Cayman Islands is a rustic that houses Blockchain.com’s mother or father agency, Blockchain Group Holdings, stating:

“Cayman Islands is a key jurisdiction for us — our mother or father firm is domiciled there and it’s a recognised international monetary companies hub.”

The most recent registration is a part of Blockchain.com’s broader dedication to international compliance and regulation in each jurisdiction of the platform’s presence, including the United States. It additionally intends to assist Blockchain.com additional help institutional shoppers, which account for roughly 50% of the agency’s income.

Headquartered in London, Blockchain.com at the moment holds cash transmitter licenses within the majority of the U.S. states and continues to pursue extra regulatory approvals within the nation. The agency can be working to hunt registrations in international locations like Italy, France, Spain, The Netherlands and cities like Dubai.

“As we broaden globally, it’s much more essential to hunt regulatory approvals in key markets to exhibit our dedication to compliance, work with regulators on considerate oversight, and slowly construct in the direction of the last word purpose — a everlasting regulatory framework for crypto,” Kasselman mentioned.

The information comes amid crypto corporations increasingly expanding global regulation efforts, with many business corporations receiving new registrations and approvals all around the world every day.

Associated: Singaporean financial watchdog to consult public on stablecoin regulation

The aggressive compliance efforts are coming amid the continuing bear marketplace for crypto as Bitcoin has been staying far under its all-time high above $68,000 for practically 9 months to this point. In accordance with many specialists, Bitcoin and the broader crypto industry needs more regulation with a view to make property much less unstable.

Blockchain.com’s CBO can be assured that regulation is a key element of the business’ success. He mentioned that transferring from a startup ecosystem to a “endlessly business” requires taking regulation critically, studying find out how to compromise and valuing the efforts of coverage makers, including:

“The one strategy to obtain a everlasting regulatory framework for crypto is for business leaders and regulators to work collectively to make sure shopper safety and investor belief.”

In March 2022, Blockchain.com raised thousands and thousands of {dollars} in a funding spherical from the enterprise capital agency Lightspeed Ventures and funding administration agency Ventures and Baillie Gifford & Co. The funding reportedly elevated the company’s valuation from $5.2 billion to $14 billion.

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