According to Bermuda Premier’s David Burt, the approval of the 24 Exchange by the regulatory authority is the “first licence of its kind to be issued in Bermuda.”
Crucial regulatory permission has been obtained by a multi-asset class trading firm in Bermuda, allowing it to provide cryptocurrency trading services to its clients.
The Bermuda Monetary Authority (BMA) has granted the over-the-counter trading platform 24 Exchange a “Class T” digital asset business licence, allowing it to launch cryptocurrency trading on its institutional-grade platform.
The Bermuda Digital Asset Business Act 2018 was the basis for the new licence, which was officially disclosed by the company on Tuesday afternoon.
As a result of the recently obtained licence, 24 Exchange intends to begin offering physical cryptocurrency trading to its institutional clients later this summer. 24 Exchange, which specialises in foreign exchange non-deliverable forwards (NDFs), also known as two-party cash-settled derivatives contracts, aims to launch a trading capability with NDFs in Bitcoin (BTC) and Ether (ETH) in the near future (ETH).
In order to obtain the licence, 24 Exchange has been collaborating with the Bermuda Government’s Office of FinTech, the Bermuda Business Development Agency, and Bermuda Premier David Burt, among others.
In a statement, the Premier allegedly stated that the recent regulatory permission is the
“first license of its kind to be issued in Bermuda,” and that the state is looking forward to “having these innovative digital pioneers blazing new trails” in the country.
Aiming to provide institutional investors with diversified asset exposures around the clock, seven days a week, 24 Exchange was formed in 2019.
The company is dedicated to providing the lowest possible cost to institutional investors. Eventually, the company hopes to expand the capabilities of its platform to include all potentially usable assets, which will be accomplished through acquisition.
“We intend to expand our platform’s trading capability in the future to encompass all the other assets on our exchange – all at best available rates. 24 Exchange’s unique NDF offering will significantly facilitate the institutional adoption of crypto products across the globe,” 24 Exchange CEO and founder Dmitri Galinov said. said Dmitri Galinov, CEO and creator of 24 Exchange.
Earlier this year, Cointelegraph noted that Bermuda has emerged as a crypto-friendly jurisdiction in recent years, with the establishment of operations by a number of global crypto enterprises in the territory.
Earlier this year, the BMA gave Bittrex Global a “Class F” digital asset business licence, allowing it to provide crypto-related services such as futures trading. Bermuda is also said to be the first government in the world to accept Circle’s stablecoin USD Coin (USDC) for tax payments, according to media reports.
