Binance is one of the largest crypto exchanges in the world. Today it seeks to expand its borders as much as possible and receives licenses in various countries. Recently, it was able to get permission to conduct transactions in Puerto Rico.
Binance Extension
Binance is a significant cryptocurrency exchange with many divisions, each responsible for its region or type of activity. Binance.us was explicitly created to develop the business in the US and the region.
The United States has a reasonably complex government system. A financial institution must obtain a license to operate separately for regular operation in each state. It is quite a lot of work that the cryptocurrency exchange is doing very successfully. So, it already has licenses in New York, Idaho, Louisiana, Texas, the Wehrmacht, and Hawaii.
Previously, Binance.us revealed that its goal is to be licensed to operate in all regions of the US and the countries associated with that country. In support of this thought, we can say that it has already received more than four confirmations for obtaining a license over the past few months.
It is assumed that the cryptocurrency exchange will try to achieve its goals as much as possible and significantly expand its geography shortly.
It is worth noting that other divisions of Binance are actively developing. For example, Binance International has taken steps to expand its operations in the Middle East and North Africa. In these regions, the company’s headquarters are actively opening, and active promotions are being carried out to attract new users. It is worth noting that the government of Abu Dhabi supports the development of the cryptocurrency business in the region.
Puerto Rico and cryptocurrencies
Puerto Rico is a small island in the Caribbean. It is an unincorporated organized territory of the United States. This country has its laws, but the US authorities can influence decision-making.
Recently, many crypto enthusiasts have begun to pay attention to this region. Many crypto millionaires are trying to transfer their assets here. It is due to two reasons:
- Firstly, there is no taxation of crypto assets;
- Secondly, the climate here is excellent.
Many experts suggest that many cryptocurrency millionaires will give up their offshore companies and move their assets to Puerto Rico.
This country is much closer to the US than most offshore zones, which means that living in Puerto Rico will make it much easier to do business on the continent. Life on a paradise island is truly a great pleasure. Initially, it was associated mainly as a tourist resort, but many wealthy Americans today seriously consider it a place to live.
The absence of taxation on all transactions with cryptocurrencies is a huge plus for many enthusiasts. It is especially true for people who earn fast money in this industry.
Binance obtaining a license in Puerto Rico could be another impetus for economic migration to the island. Now it has become much easier and more profitable to perform various operations. It is worth noting that the country itself will not lose a cent due to the lack of taxation of cryptocurrencies since moving to the land of crypto-millionaires will significantly stimulate the development of the region’s economy.