Blockchain.com wins registration alongside its parent company in the Cayman Islands
Blockchain.com, one of the oldest Bitcoin (BTC) infrastructure firms, strengthens regulation and compliance by securing registration in the Cayman Islands.
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 custody services, operate an exchange and provide over-the-counter crypto brokerage services for institutional clients under CIMA’s regulations.
Blockchain.com’s chief business officer Lane Kasselman pointed out that the Cayman Islands is an important jurisdiction for the company’s operations, as the local community and regulators have fostered a “robust blockchain ecosystem.”
Kasselman also told Cointelegraph on Tuesday that the Cayman Islands is a country that houses Blockchain.com’s parent company, Blockchain Group Holdings, saying:
“The Cayman Islands is a key jurisdiction for us – our parent company is domiciled there and it is a recognized global hub for financial services.”
The latest registration is part of Blockchain.com’s broader commitment to global compliance and regulation in all jurisdictions of the platform’s presence, including the United States. It also intends to help Blockchain.com further support institutional clients, which account for approximately 50% of the firm’s revenue.
Headquartered in London, Blockchain.com currently holds money transmitter licenses in most US states and continues to seek additional regulatory approvals in the country. The firm is also working on applying for registrations in countries such as Italy, France, Spain, the Netherlands and cities such as Dubai.
“As we expand globally, it is 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 toward the ultimate goal – a permanent regulatory framework for crypto,” Kasselman said.
The news comes amid crypto companies increasingly expanding their global regulatory efforts, with many industrial companies receiving new registrations and approvals worldwide every day.
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The aggressive compliance effort comes amid the ongoing crypto bear market, as Bitcoin has remained well below its all-time high above $68,000 for nearly nine months so far. According to many experts, Bitcoin and the broader crypto industry need more regulation to make assets less volatile.
Blockchain.com’s CBO is also confident that regulation is a key component of the industry’s success. He said that moving from a startup ecosystem to a “perpetual industry” requires taking regulation seriously, learning how to compromise and valuing the efforts of policymakers, adding:
“The only way to achieve a permanent regulatory framework for crypto is for industry leaders and regulators to work together to ensure consumer protection and investor confidence.”
In March 2022, Blockchain.com raised millions of dollars in a funding round from venture capital firm Lightspeed Ventures and investment management firm Ventures and Baillie Gifford & Co. The funding reportedly increased the company’s valuation from $5.2 billion to $14 billion.
