Blockchain.com is one of the oldest Bitcoin infrastructure companies. It has been registered in the Cayman Islands to strengthen regulation and compliance.
After receiving registration from CIMA, Blockchain.com, a cryptocurrency exchange and blockchain wallet platform, is expanding its operations in the Cayman Islands.
The registration was issued on July 6th and officially authorizes Blockchain.com’s operation of an exchange, custodial services, and over-the-counter brokerage services to institutional clients.
Lane Kasselman, Blockchain.com’s chief commercial officer, pointed out that the Cayman Islands are an important jurisdiction for the company because the local community has fostered a “robust Blockchain business ecosystem.”
Kasselman also stated to Cointelegraph Tuesday that Blockchain.com’s parent company, Blockchain Group Holdings was located in the Cayman Islands.
“Cayman Islands” is a key jurisdiction for our company. Our parent company is located there, and it is recognized as a global financial services hub.
Blockchain.com has recently registered the latest registration as part of its wider commitment to compliance and regulation in all jurisdictions where the platform is present, including the United States. It will also help Blockchain.com support institutional clients which make up roughly half of the firm’s revenue.
Blockchain.com is headquartered in London and currently holds money transmitter licenses for the majority of the U.S. States. It continues to seek regulatory approvals in the country. The company is currently pursuing registrations in France, Spain and Italy as well as cities such Dubai.
Kasselman stated that as we grow globally, it is even more important for us to seek regulatory approvals from key markets to show our commitment to compliance. He also said that we should work with regulators to thoughtfully oversee and build slowly towards the ultimate goal of a permanent regulatory framework to crypto.
This news comes as crypto companies are increasing global regulation efforts. Many industry companies receive new registrations and approvals around the globe every day.
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The ongoing bear market in crypto is causing compliance to be more aggressive. Bitcoin’s all-time high of $68,000 has remained below that level for almost nine months. Experts believe that Bitcoin and the wider crypto industry need more regulation to reduce volatility.
The CBO at Blockchain.com is confident regulation is an important component of the success of the industry. He stated that to move from a startup ecosystem into a “forever sector”, you need to take regulation seriously, learn how to compromise, and value the efforts of policymakers.
Industry leaders and regulators must work together to create a permanent regulatory framework that crypto can be used to protect investors and ensure investor trust.
Blockchain.com raised millions in a round of funding from Venture Capital firm Lightspeed Ventures, and investment management firm Ventures & Baillie Gifford & Co. According to reports, the funding raised the company’s value from $5.2 billion up to $14 billion.