NEW YORK, June 07, 2018 (GLOBE NEWSWIRE) — Mr. Leonard Schutzman, Chairman and Chief Executive Officer of Arbitrade, a leading coin and cryptocurrency exchange, said today that its home domicile will be Bermuda. In making the announcement, Chairman Schutzman said the process to winning incorporation started late last year when company representatives first met with Premier David Burt, Minister Wayne Caines, the Minister of National Security who is spearheading the introduction of crypto and digital asset legislation in Bermuda, Minister Wayne Furbert, The Junior Finance Minister, Stephen P. Gift from the Ministry of Finance, representatives from the Bermuda Monetary Authority and Bermuda Business Development Agency. “The company made numerous visits over several months and a considerable amount of work was done to securing our incorporation. Bermuda is justly regarded as the gold standard in the Fintech and Reinsurance industries globally and Arbitrade’s goal was always to domicile its head office in this exacting jurisdiction before registering subsidiaries in other countries around the world,” Mr. Schutzman said.
He noted Bermuda was one of the very few jurisdictions leading the way with full legislation affecting ICO’s and cryptocurrency laws and Arbitrade welcomed cryptocurrency legislation and associated regulations that form a strong foundation in developing the best strategies to advance its business model into other countries. Arbitrade welcomed the stringent Know Your Client (KYC)/Anti Money Laundering (AML) process with which companies will have to comply before they are able to be licensed to operate as a merchant exchange business. “It seemed to us the only way our industry will receive global acceptance. With this thoughtful and timely structure of Bermuda’s laws to guide and support us, Arbitrade can now move forward into over 12 additional countries quickly and then continue to introduce our platforms to more jurisdictions,” he said.
Bermuda expects its ICO legislation to be passed within the next three weeks and Arbitrade intends to hold the very first, fully legal, ICO in Bermuda when this happens. Information about the legislation is available on the Government of Bermuda’s website.
Once Arbitrade has its licenses in hand, the company will proceed first with its eight-week legally approved ICO, followed by the launch of the Arbitrade platform in late August/early September.
Bermuda is a well-regulated Country Led by the Bermuda Monetary Authority. All new companies are scrutinized to ensure that the jurisdiction is protected and know its customer, hence a sometimes lengthy period of due diligence.
While many countries still wrestle with ways to regulate digital assets businesses, the Bermuda government has passed the Digital Assets Business Act. “This thoughtful and timely action demonstrates, once again, why Bermuda is a world leader in regulating financially related services. The progressive legislation sets the highest standards for those companies who have chosen to establish Digital Assets businesses on the island and validates the company’s decision to incorporate and domicile our global headquarters in Bermuda.”
Mr. Schutzman said, Arbitrade’s management would like to thank everyone for their patience and understanding while it worked to achieve this incredible accomplishment. “This is only the beginning, and the road ahead is going to be extremely busy as management sets up the operating infrastructure of the company, with our head office in Bermuda.”
Arbitrade has been locking down all deals regarding our bullion purchases as we move forward with this news. We needed two things to be able to close the bullion negotiations:
1. Be a registered company in Bermuda, and
2. Be a legally licensed and insured company in Bermuda.
“We have already accomplished the first requirement and, we have been advised, the second requirement will happen later this month,” Mr. Schutzman said, noting that the company seeks to finish all agreements and deals with all partnering companies before the end of the month. Once this is achieved, it will announce the official ICO dates, the bullion related news, partners information, and the official launch date of Arbitrade. Arbitrade’s management and consultants were hoping for earlier dates to receive approvals however this is a long process that has to pass through many channels of Government. We have made it through the most difficult part of the process.”
ARBITRADE, through its proprietary software and strategic partnerships, plans to be in all segments of the cryptocurrency business, including currency mining, trading (The ARBITRADE Exchange) gift cards, debit cards, money transfer and Point of Sale processing.
Marston Webb International
T: (212) 684-6601, C: (917) 887-0418