Cryptocurrency exchange Poloniex opens a new division in Bermuda, which will serve customers outside the United States.
Uncertainty with the regulatory policy in the United States prompted the need to create another unit. Poloniex already had divisions in Hong Kong, the UK and Ireland. Messages about this came from the company Circle, which is the operator of the cryptocurrency platform.
Bermuda attracted the company with clear legislation, as well as an advanced base of legal acts. It will allow the introduction of innovations in the crypto industry, as well as business development.
So, back in 2018, the Government of Bermuda adopted a law on doing the virtual (digital) assets industry. It governs the provision of services for the production of digital instruments, cryptocurrency exchange transactions, the purchase and sale of these assets.
This week, Circle also received a full license from the government. It will provide foreign investors with a number of innovative trading services, as well as adding new assets to the list of trading instruments.
Foreign customers now account for more than 70% of all Poloniex users. The crypto-exchange is considered an important region for business by Europe and Asia. In these areas, the new stablecoin company USDC is especially popular.
Head of Circle also said that thanks to the opening of a new division, Poloniex customers will have more opportunities for profit due to the early introduction of innovative products.