In the US, Circle has been facing a lot of challenges in its operations due to unfavourable regulations in place. Times have been so hard that Circle had to pull down its app and focus on getting a new home for its entity. However, the wait is finally over since Circle in going international through Circle International Bermuda entity based in Bermuda but that not it all.
In Bermuda Circle has beaten all other crypto firms in operating by being the first firm to own a Class F license under the 2018 Digital Assets Business Act (DABA).
With DABA, Circle can go international and launch other services which were not available before. DABA grants Circle right to provide crypto-related services such as digital asset issuance, custodial services, payment services, and many more. However, for Circle, the DABA license has opened doors to craft new innovative services.
Although Circle is going international, it will still provide services to its clients in Hong Kong, UK, Ireland, and the US. However, the only difference with Circle going international will be some of its new crypto listing together with other services won’t be available in some regions. Depending on your geographical location, regulations in place might lock you out of some services.
DABA Law Opens New Opportunities for Circle but Still Maintains a Strict Oversight over Its Operations. Although the DABA law came into effect in 2018, it is comprehensive enough and doesn’t strangle the crypto sector with stringent regulations. For Circle, this gives it a chance to craft new crypto financial services for its customers regardless of their location. On the other hand, DABA will ensure Circle operations are in compliance with FATF measures in place, prevent money laundering and terrorism financing.
Similarly, through DABA, consumers are protected since its framework has custody risks, cybersecurity and management measures in place all to protect consumers.
With its future unforeseeable due to its doors being opened by acquiring the DABA license, Circle has set plans in motion to employ more staff into its Bermuda office. In total Circle plans to increase its workforce to 30 in the next two years the same number of staff it laid off a while back. However, the new employees will come in as customer operations staff, trading, finance, risk, compliance and general managers.