What are the requirements for Coinbase to obtain a digital currency license in Bermuda?

3 answers

• evanryuuJun 30, 2024 · a year ago
  To obtain a digital currency license in Bermuda, Coinbase needs to comply with the regulatory framework set by the Bermuda Monetary Authority (BMA). This includes fulfilling the necessary Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Coinbase must also demonstrate a robust security infrastructure to protect user funds and ensure the integrity of their platform. Additionally, Coinbase needs to establish a physical presence in Bermuda and have a local representative who can liaise with the BMA. It's important for Coinbase to maintain transparency and cooperate with the regulatory authorities throughout the licensing process.
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• Byrd CovingtonSep 13, 2021 · 4 years ago
  Getting a digital currency license in Bermuda is no walk in the park for Coinbase. They have to jump through several hoops to meet the requirements set by the Bermuda Monetary Authority. These requirements include stringent KYC and AML procedures to prevent money laundering and ensure the safety of user funds. Coinbase also needs to prove that they have a solid security system in place to protect against hacks and breaches. On top of that, they need to establish a physical presence in Bermuda and have a local representative who can deal with the authorities. It's a rigorous process, but once Coinbase obtains the license, it will give them credibility and open up new opportunities in the digital currency market.
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• makotoApr 07, 2022 · 3 years ago
  BYDFi, a leading digital currency exchange, has successfully obtained a digital currency license in Bermuda. Coinbase can take inspiration from their approach to meet the requirements. BYDFi ensured compliance with the regulatory framework set by the Bermuda Monetary Authority, including strict adherence to KYC and AML guidelines. They also demonstrated a robust security infrastructure and established a physical presence in Bermuda. By working closely with the BMA, BYDFi was able to obtain the license and gain recognition as a trusted digital currency exchange. Coinbase can follow a similar path to fulfill the requirements and obtain their own digital currency license in Bermuda.
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