Appleby advised CoinZoom, Inc. on its application for a Class M Digital Asset Business licence pursuant to the Digital Asset Business Act 2018.
Appleby provided Bermuda law advice to Coinzoom, Inc. on the legal and regulatory requirements to carry on digital asset business in Bermuda.
CoinZoom, Inc. is a U.S. based cryptocurrency exchange offering services in buying, selling, spending and sending crypto. They are a Registered Money Services Business in all 50 states and territories, and a Money Transmitter in numerous states. CoinZoom is also registered as a Digital Currency Exchange in Australia. In partnership with Visa, CoinZoom offers a Visa debit card allowing customers to spend their crypto at over 53m merchants worldwide and earn up to five percent back on each purchase. The exchange also recently became the Official Cryptocurrency platform and NFT Marketplace for the Utah Jazz – as the exclusive provider, all of the NFTs issued by the Utah Jazz are listed on CoinZoom's NFT marketplace.
Jerome Wilson, Partner and Head of Appleby's Technology & Innovation practice in Bermuda, led the transaction with support from Sally Penrose, Partner and Head of Appleby's Regulatory practice in Bermuda, along with Associates Carl Meyer and Ashley Bento, Specialist Compliance Advisor Jarion Richardson and Legal Trainee Karim Creary.
Jerome said, "It was a pleasure to work with the dynamic and innovative CoinZoom team on their DABA license. We look forward to working with them on many of their future plans. CoinZoom's attraction to Bermuda further highlights the Island's strength as a leading jurisdiction in the Digital Asset Business industry."