Circle to Base International Operations From New Bermudan Entity

Samuel Haig

On July 22, Circle announced that it has launched a new subsidiary in the self-governing British Overseas Territory of Bermuda.

The company stated that it plans to “serve non-US Poloniex customers” from its Bermuda operations, with the transitional process planned for the coming weeks. Despite the shift toward its new Bermudan entity, Circle plans to continue its existing operations in the United States (US), Hong Kong, the United Kingdom, and Ireland.

Circle was granted a ‘Class F’ license under the Bermudan Digital Assets Business Act of 2018 (DABA), with the Circle describing itself as “the first major crypto finance company” to receive the permit. The company plans to expand the staff at its Bermuda office to more than 30 within the next two years.

Circle also expects that non-US customers will be able to use Poloniex via the Circle International Bermuda entity in “the near term.”

Circle Praises Bermudan Cryptocurrency Regulations

In a statement, Circle commented Bermuda’s regulatory apparatus pertaining to cryptocurrencies, describing the DABA as “an exceptionally well designed and comprehensive framework” that recognizes that “digital assets represent a new class of assets that cannot be shoehorned into legacy regulatory frameworks.”

The company added that the DABA “enables technical and business innovation” while also enforcing “high regulatory and supervisory standards,” including “one of the strongest regimes in the world for anti-money laundering (AML) and combating the financing of terrorism (CFT) in ways that are compliant with Financial Action Task Force (FATF) standards.”

Gus Coldebella, Circle’s chief legal officer, told Forbes that the company considered several different jurisdictions before deciding that Bermuda was “a perfect fit.” Mr. Coldebella stated:

Under the DABA license, Circle will be able to operate a suite of regulated crypto financial services for our international customer base, including expanded digital asset product offerings.

Circle also commended the Bermudan premier, David Burt, and officials from the Bermuda Monetary Authority for their “embrace of the digital asset industry,” adding “We’re confident that working with a visionary and highly-respected government partner will open the door to more growth and innovation.”

Premier Burt welcomed Circle to Bermuda, stating: “We look forward to working closely with Circle [...]  We believe we have established a top standard of regulatory confidence which will help guide other jurisdictions on how to appropriately manage the risks associated with this industry while reaping the rewards offered by the efficiencies and opportunities that will be driven by the digitization and democratization of finance.”

TRON’s Justin Sun Giving Away $1.2 Million for UBI, 50,000 TRX to Telegram Group

Michael LaVere
  • TRON's Justin Sun is supporting US presidential candidate Andrew Yang's UBI by giving $1.2 million to 100 people in 2020.
  • Sun and the TRON Foundation also announced a 50,000 TRX ($75K) giveaway through the official TRON telegram group.

TRON founder Justin Sun has announced that he will be giving away $1.2 million to 100 people next year to support U.S. presidential hopeful Andrew Yang’s universal basic income (UBI) program, in addition to kicking off a 50,000 TRX ($75K) giveaway for users of the cryptocurrency’s Telegram group. 

Sun Supporting Andrew Yang’s UBI

Sun, who paid $4.6 million earlier in the year to host a charity lunch with Warren Buffett, has now pledged to give $1.2 million to 100 people in 2020. TRON's founder also announced that one of the 100 selected for the giveaway will be invited to his charity lunch, which was originally postponed after Sun came down with kidney stones. 

Sun has asked U.S. presidential candidate Andrew Yang for assistance in the selection process. Yang, who has a background in entrepreneurship, has built his campaign upon the idea of universal basic income (UBI), which would guarantee U.S. citizens a monthly stipend. In addition to championing the idea on the campaign trail, Yang has pledged to distribute $1,000 per month to 10 people for the next year. 

Sun has taken the movement a step forward, by pledging to support 100 people at $1000 per month for the entirety of 2020.

TRX Telegram Giveaway

In addition to promoting UBI and Andrew Yang’s cause, Sun also announced the start of a 50,000 TRX giveaway, worth $75K, for community members using TRON's telegram channel. According to tweets published by Sun and the TRON Foundation on Sept. 16, TRON supporters can gain TRX by joining and inviting others to the coin’s official Telegram group. 

In order to qualify for the promotion, users will need to engage in a conversation with the @TRONEnBot through the telegram application. From there, the TRX payout will be tied to the number of invited users who join the Telegram group. The first and second place prize are worth 5000 and 2500 TRX, respectively, with the remaining 32,500 TRX being split among the rest of users.

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