Blockchain.com, one of the oldest Bitcoin (BTC) infrastructure companies, is bolstering regulatory and compliance efforts by securing registration in the Cayman Islands.
Cryptocurrency exchange and blockchain wallet platform Blockchain.com is expanding its operations in the Cayman Islands after receiving registration from the Cayman Islands Monetary Authority (CIMA).
Issued on July 6, The registration officially authorizes Blockchain.com to provide custody services, operate an exchange, and offer over-the-counter cryptocurrency brokerage services for institutional clients under the CIMA regulatory framework.
Blockchain.com business director Lane Kasselman noted that the Cayman Islands is an important jurisdiction for the company’s business as the local community and regulators have fostered a “robust blockchain business ecosystem.”
Kasselman also told Cointelegraph on Tuesday that the Cayman Islands is a country that is home to Blockchain.com’s parent company, Blockchain Group Holdings, stating:
“The Cayman Islands is a key jurisdiction for us: our parent company is domiciled there and it is a recognized global center for financial services.”
The latest registration is part of Blockchain.com’s broader commitment to global compliance and regulation in all jurisdictions where the platform is present, including the United States. It also intends to help Blockchain.com further support institutional clients, who account for about 50% of the company’s revenue.
Based in London, Blockchain.com currently holds money transmitter licenses in most US states and continues to seek further regulatory approvals in the country. The company is also working to search for records in countries like Italy, France, Spain, the Netherlands, and cities like Dubai.
“As we expand globally, it is even more important to seek regulatory approvals in key markets to demonstrate our commitment to compliance, work with regulators on thoughtful oversight, and slowly build toward the ultimate goal: a permanent regulatory framework.” for cryptocurrencies,” Kasselman said.
The news comes at a time when crypto companies are increasingly expanding their global regulation efforts, with many companies in the sector receiving new registrations and approvals around the world every day.
The aggressive enforcement efforts come amid the ongoing bear market for cryptocurrencies, as Bitcoin has remained well below its all-time high above $68,000 for almost nine months so far. According to many experts, Bitcoin and the cryptocurrency industry in general need more regulation to make assets less volatile.
Blockchain.com’s CBO is also confident that regulation is a key component of the industry’s success. He said moving from an ecosystem of startups to a “forever industry” requires taking regulation seriously, learning to compromise and appreciating the efforts of policymakers.adding:
“The only way to achieve a permanent regulatory framework for cryptocurrencies is for industry leaders and regulators to work together to ensure consumer protection and investor confidence.”
In March 2022, Blockchain.com raised millions of dollars in a funding round from venture capital firm Lightspeed Ventures and investment management firm Ventures and Baillie Gifford & Co. The funding reportedly increased the valuation of the blockchain. company from $5.2 billion to $14 billion.
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