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 trade 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 supply custodial companies, function an trade and supply over-the-counter crypto brokerage companies for institutional shoppers underneath the CIMA’s regulatory framework.
Blockchain.com’s chief enterprise officer Lane Kasselman identified that the Cayman Islands is a crucial jurisdiction for the corporate’s enterprise as the local people and regulators have fostered a “strong blockchain enterprise ecosystem.”
Kasselman additionally informed Cointelegraph on Tuesday that the Cayman Islands is the house of Blockchain.com’s mum or dad agency, Blockchain Group Holdings, stati:
“Cayman Islands is a key jurisdiction for us — our mum or dad firm is domiciled there and it’s a recognised world monetary companies hub.”
The most recent registration is a part of Blockchain.com’s broader dedication to world compliance and regulation in each jurisdiction of the platform’s presence, together with the US. It additionally intends to assist Blockchain.com additional assist institutional shoppers, which account for roughly 50% of the agency’s income.
Headquartered in London, Blockchain.com presently 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 also be working to hunt registrations in international locations like Italy, France, Spain, The Netherlands and cities like Dubai.
“As we increase globally, it’s much more necessary 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 aim — a everlasting regulatory framework for crypto,” Kasselman stated.
The information comes amid the more and more increasing world regulation efforts of crypto firms, with many business firms receiving new registrations and approvals worldwide day by day.
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The aggressive compliance efforts are coming amid the continued bear marketplace for crypto as Bitcoin has stayed under its all-time excessive above $68,000 for almost 9 months to date. In line with many consultants, Bitcoin and the broader crypto business wants extra regulation to make property much less risky.
Blockchain.com’s chief enterprise officer can also be assured that regulation is a key part of the business’s success. He stated that transferring from a startup ecosystem to a “endlessly business” requires taking regulation significantly, studying methods to compromise and valuing the efforts of policymakers, including:
“The one solution 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 corporate’s valuation from $5.2 billion to $14 billion.
