The Bermuda Monetary Authority (BMA) has granted CoinZoom Global, Ltd. a license under the Digital Asset Business Act (DABA), enabling the exchange to act as a trading platform for non-U.S. customers outside of the U.S. looking for a way to trade digital assets. CoinZoom is a leading fintech company located in the U.S.
A Modified “M” license has been given to the exchange, allowing a financial institution to test its proof of concept. It will make sure that the compliance program is feasible to scale over the long term. Usually, this license is retained for a year before becoming a Full “F” license.
Todd Crosland, CEO of CoinZoom, said “We are delighted with this news and appreciate the Bermuda Monetary Authority working with us to grant the M license. We believe that running our business with an abundance of caution is paramount to protecting our customers. The implementation of a clear and well-developed set of rules for crypto firms to adhere to is vital to bringing crypto to the mainstream.”
He added, “Our top priority is to ensure the safety of our customers’ funds and personal information. We’re providing a trusted avenue for both our U.S. and International customers to invest in digital assets, and the Bermuda license allows us to expand our customer reach while remaining fully compliant. Being able to work with forward-thinking regulators like BMA is a very positive sign for the future of cryptocurrencies worldwide.”
In an effort to stop global crime and ensure consumer protection, the BMA offers comprehensive regulatory frameworks and standards for crypto financial services.
Jerome Wilson, BMA’s Partner and Head of Appleby’s Technology & Innovation, said “It was a pleasure to work with the dynamic and innovative CoinZoom team on their DABA license. We look forward to working with them on many of their future plans. CoinZoom’s attraction to Bermuda further highlights the Island’s strength as a leading jurisdiction in the Digital Asset Business industry.”
In order to create a trustworthy, secure, innovative digital currency exchange that provides services for buying, selling, earning, transferring, and spending cryptocurrencies, the CoinZoom team drew on its wide global exchange and trading expertise.
CoinZoom Global, Ltd. is now permitted to conduct business in Bermuda as a digital asset exchange, including custodial wallet services and margin trading for digital assets, as a result of gaining the DAB M license. These services make it simpler for customers to incorporate cryptocurrency into their daily life.