BlockFi, a crypto financial services company, has been granted a Class F digital assets business licence by the Bermuda Monetary Authority for its Bermuda subsidiary, BlockFi International Ltd. BlockFi will centralise its existing products and services for non-U.S. retail and institutional clients under a comprehensive and clear regulatory framework for cryptocurrency financial service providers. In addition, BlockFi will open a new office in Bermuda to be staffed by a combination of local talent and existing BlockFi staff.
The Class F licence allows BlockFi International Ltd. to provide a variety of products and services for both retail and institutional non-U.S. clients, including issuing, selling or redeeming virtual coins, tokens or any other form of digital assets; operating as a digital asset exchange; providing custodial wallet services; operating as a digital asset derivative exchange provider; and operating as a digital assets services vendor in accordance with the requirements of Bermuda’s 2018 Digital Assets Business Act.