Blockchain.com, one of the oldest Bitcoin (BTC) infrastructure firms, is strengthening regulation and compliance efforts by securing registration in the Cayman Islands.
The blockchain wallet and cryptocurrency exchange platform Blockchain.com is expanding 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 custodial services, operate an exchange, and offer over-the-counter crypto brokerage services for institutional clients under the CIMA’s regulatory framework.
Blockchain.com’s chief business officer Lane Kasselman pointed out 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 homes Blockchain.com’s parent firm, Blockchain Group Holdings, stating:
“Cayman Islands is a key jurisdiction for us — our parent company is domiciled there and it is a recognised global financial services hub.”
The latest registration is part of Blockchain.com’s broader commitment to global compliance and regulation in every jurisdiction of the platform’s presence, including the United States. It also intends to help Blockchain.com further support institutional clients, which account for roughly 50% of the firm’s revenue.
Headquartered in London, Blockchain.com currently holds money transmitter licenses in the majority of the U.S. states and continues to pursue more regulatory approvals in the country. The firm is also working to seek registrations in countries like Italy, France, Spain, The Netherlands and cities like Dubai.
“As we expand globally, it’s 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 towards the ultimate goal — a permanent regulatory framework for crypto,” Kasselman…