With its offices in London, Blockchain.com presently possesses money transmitter licenses in the bulk of the states in the US and has persistently worked on receiving more registrations within the country.
The first Bitcoin blockchain explorer company Blockchain.com is developing services and operations in the Cayman Islands after securing registration from the Cayman Islands Monetary Authority (CIMA). As a cryptocurrency financial services firm, Blockchain.com has begun solidifying its regulation and compliance endeavors following this move.
Sanctioned on July 6th, the registration formally approves Blockchain.com to offer custodial services, build an exchange and supply over-the-counter crypto brokerage services for institutional customers under the CIMA’s regulatory infrastructure.
Lane Kasselman, the chief business officer of Blockchain.com mentioned that the Cayman Islands was a vital administration for the firm’s business plan as the native residents of the region have developed and nurtured a solid blockchain business environment. There is also a special connection for the firm Blockchain.com in the Cayman Islands, as this is the home of Blockchain.com’s parent firm Blockchain Group Holdings.
According to Lane, the Islands are much more than just a Blockchain-influenced community. It is also a place where the parent unit of Blockchain.com was based. The presence of Blockchain Group Holdings in that area has led to the place being acknowledged as an international financial services center. This most recent registration is a result of Blockchain.com’s wider obligation to international compliance and regulation in each administration that enjoys the platform’s presence. With its offices in London, Blockchain.com presently possesses money transmitter licenses in the bulk of the states in the US and has persistently worked on receiving more registrations within the country.
As ambitious as it may sound, the company has also been seeking regulatory nods in European countries as well as in cities like Dubai. Kasselman, again adds to the discussion by claiming that the approvals from regulatory authorities can reflect a company’s adherence to abiding by the rules. Kasselman believes that the final product of this practice is to come up with a regulatory infrastructure for the cryptocurrency world.
The news follows after several instances of crypto companies more actively working on developing international regulatory activities to be approved in countries where they plan to set up operations. The rather desperate compliance procedures are taking place as a result of the bearish trends in the crypto markets with Bitcoin falling below its all-time high for the ninth month now. According to Lane, regulations will provide a skeleton system for the blockchain to thrive, making the whole crypto market more stable and predictable.
Blockchain has been at the forefront of crypto activities for a decade now. Recently, the company bagged millions of dollars in funding from the venture capital company Lightspeed Ventures and investment management firm Ventures, and Baillie Gifford & Co. The new inflow of money raised the valuation of Blockchain.com from $5.2 billion to $14 billion.
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