Bermuda Cryptocurrency License
Bermuda is a politically stable British Overseas Territory located in the North Atlantic Ocean. With a notably high GDP per capita, Bermuda has long been viewed positively by sophisticated financial service industry professionals. This has included the blockchain arena, with the country offering the Bermuda Cryptocurrency License. Leveraging its relationship with the United Kingdom and within the Commonwealth, and despite its relatively small size, Bermuda is a party to several significant international trade accords and tax treaties.
As a self-governing nation, Bermuda developed a robust offshore financial center. While not a recognized tax haven, Bermuda has nevertheless become the international hub for the reinsurance business. In addition, the country is a significant jurisdiction for offshore banking, publicly-traded companies, mutual funds and even cryptocurrency-based businesses.
Bermuda is an ideal location for a cryptocurrency-based business. Bermuda offers a Digital Asset Business license which allows the holder to operate an international cryptocurrency exchange or cryptocurrency-based payment service, among other options. The Bermuda Cryptocurrency License is recognized world-wide and many cryptocurrency exchanges are licensed in Bermuda. In addition, the process of obtaining a license is both cost effective and can be accomplished in a relatively short period of time.
Advantages of a Bermuda Digital Asset Business License
Average daily trading in Bitcoin alone exceeds $20 billion. The streamlined and cost-effective process in obtaining a Bermuda Cryptocurrency License can place you in this lucrative market in as little as three months. As worldwide adoption of cryptocurrency increases, cryptocurrency exchanges are estimated to have taken in over $1 billion in profits last year alone. With increasingly complex cryptocurrency regulation in leading economic nations such as the United States and European Union, Bermuda offers a cost-effective, risk free alternative for starting a licensed cryptocurrency exchange or broker-dealer.
Bermuda Cryptocurrency License at a Glance
|License||Digital Asset Business License|
|Time to License||3 to 4 Months|
|Capital Requirement||Approx. $100,000|
|Tax Structure||Zero (0%) Percent Tax on Offshore Profits|
Bermuda Cryptocurrency License Package
- Incorporation of Bermuda offshore corporation
- Arrange for local registered officer and local directors, if required
- Draft corporate bylaws, minutes and owner share issuances
- Establishment of corporate bank account suitable for cryptocurrency exchange operations
- Establishment of merchant service account for accepting credit and debit cards
- Draft requisite business plan, financial statements and financial projections
- Draft requisite Anti-Money Laundering & Know-Your-Customer policies
- Arrange for requisite surety bond
- Prepare and process application for Bermuda Cryptocurrency License
- Representation before licensing regulatory authority, banks and liquidity providers
Contact the Bermuda Cryptocurrency License Experts
Trust our over fifty year’s combined experience in creating innovative solutions for our clients. Contact the cryptocurrency
licensing experts at FinLaw to begin the process of obtaining your Bermuda Cryptocurrency License today.
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