Premier Burt today announced that Global financial services company, Circle, will be establishing its headquarters in Bermuda for its international operations and clients outside of the United States.
Circle received a “Class F” license from the Bermuda Monetary Authority, under the Digital Assets Business Act of 2018 (DABA), becoming the first major cryptocurrency exchange and wallet service ever to receive such a permit. DABA provides a comprehensive framework for the regulation and oversight of crypto financial services, including digital asset issuance, sale and redemption, exchange operations, and custodial services.
Premier Burt hosted a press conference earlier today, and was joined by the Minister of Finance, Curtis L. Dickinson as well as the team from Circle, Mr. Jeremy Allaire, co-founder, Chairman and CEO, Mr. Sean Neville, co-founder and co-CEO, and Mr. Gus Coldebella, chief legal officer.
“As a result of their confidence in Bermuda’s high regulatory standards, our level of sophistication and our business development efforts, I am pleased to announce that Circle is the latest company to achieve a Digital Asset Business License with the intent of establishing Bermuda as the Headquarters for its international operations and clients outside of the United States,” said Premier Burt during today’s press conference.
“Circle was one of the key opportunities that developed out of my trip to Davos this past January. One of my objectives while I was in Davos was to meet Jeremy Allaire, to speak to him personally and let him know that Bermuda is a place he should consider. We exchanged information then, we followed up, his team investigated and in the spring his team came to Bermuda for a visit – and now we are here.”
“We’re excited to be opening a new office in Bermuda. We will be staffing up quickly and plan to grow our Bermuda staff to more than 30 people during the next two years, with roles including general management, risk, compliance, finance, trading, and customer operations,” said Jeremy Allaire of Circle.
“In the course of selecting Bermuda as a new base for expanded international operations, we’ve had the privilege of working with Premier David Burt as well as a number of officials in the government and the Bermuda Monetary Authority. We’ve been deeply impressed by their embrace of the digital asset industry and their deep knowledge of our sector.
“With a background in finance and technology, Premier Burt has boldly championed innovation that stands to make the global financial system more trustworthy, inclusive and empowering for billions of people. We’re confident that working with a visionary and highly-respected government partner will open the door to more growth and innovation.”
Circle is a global crypto financial services company, founded by Mr. Jeremy Allaire and Mr. Sean Neville. Circle offers individuals, institutions and entrepreneurs a digital assets platform to trade, invest and raise capital. Circle is a new kind of financial services company backed by top tier financial institutions including Goldman Sachs, and is one of 39 Fintech unicorns in the world, valued at over a billion dollars.
Circle was founded in 2013 on the belief that open blockchain technologies would replace the world’s closed, proprietary financial systems, allowing everyone everywhere to participate in an economy that is fairer, more inclusive and more accessible.