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 providers, function an trade and provide over-the-counter crypto brokerage providers for institutional shoppers below 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 instructed Cointelegraph on Tuesday that the Cayman Islands is the house of Blockchain.com’s father or mother agency, Blockchain Group Holdings, stati:
“Cayman Islands is a key jurisdiction for us — our father or mother firm is domiciled there and it’s a recognised world monetary providers 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 help 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 develop globally, it’s much more essential to hunt regulatory approvals in key markets to display our dedication to compliance, work with regulators on considerate oversight, and slowly construct in direction of the last word objective — a everlasting regulatory framework for crypto,” Kasselman stated.
The information comes amid the more and more increasing world regulation efforts of crypto corporations, with many business corporations receiving new registrations and approvals worldwide day by day.
Associated: Singaporean monetary watchdog to seek the advice of public on stablecoin regulation
The aggressive compliance efforts are coming amid the continuing bear marketplace for crypto as Bitcoin has stayed beneath its all-time excessive above $68,000 for practically 9 months thus far. In keeping with many consultants, Bitcoin and the broader crypto business wants extra regulation to make belongings 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 shifting from a startup ecosystem to a “ceaselessly business” requires taking regulation critically, studying the way to compromise and valuing the efforts of policymakers, including:
“The one approach to obtain a everlasting regulatory framework for crypto is for business leaders and regulators to work collectively to make sure client safety and investor belief.”
In March 2022, Blockchain.com raised hundreds of 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.