Major crypto payments firm Circle will launch a new subsidiary in Bermuda in order to serve non-American customers of its trading platform Poloniex.
In a blog post on July 22, Circle said that it has acquired a full license to offer crypto-related services under Bermuda’s Digital Assets Business Act of 2018, a major local regulatory framework for cryptocurrencies that was introduced in July 2018.
Many Circle services will be unavailable in the U.S. due to regulatory limitations
As a part of the expansion to Bermuda, Circle plans to offer an array of new crypto-related services, including advanced trading products and new crypto asset listings, the firm said in the announcement. However, many of those new services will not be available in the United States, Circle emphasized, citing U.S. regulatory limitations.
The company added that they are still committed to serving American customers and will continue to advocate for regulatory changes to ensure that the “U.S. economy is not left behind by opportunities created from digital asset and crypto innovation.”
At the same time, Circle praised Bermuda’s approach to crypto, claiming that the company has witnessed first that the Bermuda government is ready to evolve new regulation and contribute to technical innovation in the crypto and blockchain industries.
Circle also noted that they will continue their existing operations in the United Kingdom, Ireland, Hong Kong, as well as the U.S.
Earlier in June, Circle announced it was closing its payment app Circle Pay in order to develop new crypto financial services.