STS Digital Wins Full Bermuda “F” License, Joining Circle and Coinbase International
STS Digital received a full “F” digital asset business license from Bermuda’s regulator on May 13, under the Digital Asset Business Act framework. STS Digital joins a small group of institutional-grade cryptocurrency operators granted the status, including Circle, Coinbase International, and Kraken’s parent entity Payward.
The license gives STS Digital permission to operate across the full range of digital asset services covered under Bermuda law.
What the “F” License Covers
A GlobeNewswire release issued May 13 identifies the license as a “Full F License” under the Digital Asset Business Act, commonly referred to as DABA. The full-license tier is the most comprehensive level of authorization available under the framework, covering activities such as custody, exchange, and token issuance.
Partial or provisional license tiers exist beneath it. STS Digital did not publish a breakdown of which specific service categories it intends to operate under the new authorization.
Background
Bermuda developed its Digital Asset Business Act in 2018 and has since become an offshore hub for institutional cryptocurrency operators.
The jurisdiction attracts firms seeking a regulated framework that allows broader service scope than many onshore alternatives. Coinbase (COIN) received a comparable license for its international unit, as did Circle, the issuer of the USD Coin (USDC) stablecoin. A stablecoin is a cryptocurrency designed to maintain a fixed value against a reference asset, typically the U.S. dollar.
Kraken’s parent company Payward also holds the designation. STS Digital’s addition signals continued demand for the license tier as institutions seek multi-jurisdictional compliance coverage ahead of tightening U.S. regulatory requirements.
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What Comes Next
STS Digital has not disclosed a timeline for activating services under the new license or whether it plans to expand headcount in Bermuda.
Firms holding the full “F” designation are subject to ongoing reporting requirements and capital adequacy standards set by the Bermuda Monetary Authority. Regulatory watchers will track whether STS Digital files for comparable licenses in other jurisdictions, a pattern followed by Circle and Coinbase after receiving their Bermuda approvals.
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