Coinbase to Launch Derivatives Exchange in Bermuda

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According to reports, Coinbase is planning to open a derivatives exchange in Bermuda as early as next week after receiving a licence to do business there. With the help of the licence, known as a Class F Licence under the Digital Asset Business Act, Coinbase is able to carry out a number of operations, including token sales and issuance. Bermuda’s regulatory framework is renowned for its strictness, openness, compliance, and cooperation. Coinbase’s tax policies are advantageous because Bermuda has a corporation tax rate of 0%, which means that profits are tax-free but enterprises operating there must pay payroll taxes. The most recent change is a revision to Coinbase’s “go broad and go deep” campaign, which now includes a goal to “establish regulated entities and local operations” in order to support global expansion.

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The National Bank of Belarus has developed a pilot programme for a central bank digital currency (CBDC). According to the chairman of the national bank, Pavel Kallaur, the country will make a decision on the issuing of a digital Belarusian ruble by the end of the year. The pilot programme will test a limited number of participants, including banks and individuals. The establishment of a CBDC would require modifications to the civil code, banking and tax regulations, as well as the national budget. Kallaur referred to CBDC as a “third form of money” and stated that a digital ruble would be available both offline and online. Belarus has taken attempts to position itself as a modern financial centre, including the establishment of the High-Tech Park economic zone and the establishment of cryptocurrency mining and an exchange in the country.

Voyager Digital Holdings has reached an agreement with the US federal authorities to move forward with a $1 billion proposal that would allow Voyager to sell its assets to Binance’s US branch. A federal judge temporarily blocked the sale after the US government requested an emergency stay. According to a court filing on February 28, 97% of the 61,300 Voyager account holders supported the arrangement with Binance. Since filing for Chapter 11 bankruptcy in July 2022, Voyager has been aggressively coordinating a strategy for the allocation of funds to creditors.

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