International Hub for the Crypt Ecosystem in Bermuda

The lack of regulation of the cripto industry in the United States has prompted many companies to move their operations into more friendly jurisdictions. The most recent announcement of this guy came from Circle.

Jeremy Allaire, Circle CEO, has announced that he will move his exchange operations to Bermuda. The company has recently obtained an operating license as a digital business in the region.

A new international hub

Allaire announced that about 70% of Poloniex users live outside the United States, and the Bermuda office will be responsible for these accounts.

“Europe and Asia are markets that are quite important to us, and the USDC is particularly popular with Asian institutional investors.”

Circle plans to hire 39 employees in the next 2 years for the new office and will focus its attention on the global market.

“The plan is to establish a new international hub for the crypto market by offering exchange and wallet services. This was a major project that required lengthy talks with the Bermuda government and the Bermuda Monetary Authority. “

American crypto companies, frustrated by the lack of regulation

The United States does not have comprehensive regulation for cryptomonas-related operations.

Recently, the Libra project launched by Facebook has brought this industry back in the spotlight. Unfortunately, however, the attention does not seem to be a positive one, but cripto companies hope the situation will force Congress to regulate the blockchain industry.

Many representatives of the cripto industry have repeatedly expressed their frustration about the lack of applicable laws. They argue that the lack of a clear regulatory framework will give other countries an edge in the development of blockchain and crypto infrastructure.

Allaire stressed that:

“The lack of regulatory framework significantly limits what can be offered to individuals and companies in the US.”