Jul 22, 2019 20:45 UTC
Jul 22, 2019 at 20:45 UTC
Circle Moves Their Business Operations To Bermuda
Circle has for long been struggling with excessive regulations in the U.S., where matters might get worse in the future. Which is why in a drastic decision, they have decided to move to Bermuda.
It announced that it is moving nearly 100% of its exchange operations offshore, to Bermuda. This is primarily because the regulatory environment is stifling their growth and more stringent regulations are expected in the future, made by the U.S. lawmakers and the Treasury Secretary.
Circle has already received a Digital Assets Business Act license, which would permit them to conduct business in Bermuda. According to Circle CEO Jeremy Allaire,
“Europe and Asia are both pretty significant markets for us in particular [and] the USDC stablecoin is particularly popular with institutional Asian investors.”
Last weak’s U.S. Senate and Congress hearings over Facebook’s Libra cryptocurrency, has once again triggered a vehement debate around Bitcoin. It is quite possible that other crypto-companies could follow suit.
Many prominent people from the industry have voiced their frustrations against the lack of greater clarity in terms of regulations. Allaire said that
“the lack of regulatory frameworks significantly limits what can be offered to individuals and businesses in the U.S.”
Circle now has plans to expand the company and to hire 30 employees over the next 24-months, focusing mainly on global markets. Allaire said:
“The project to establish a new international hub for our market, exchange and wallet services, was a major project. It took a long time working with the Bermuda government and the Bermuda Monetary Authority.”