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The regulatory clearance of 24 Exchange, according to Bermuda Premier David Burt, is the “first licence of its sort to be awarded in Bermuda.”
A Bermuda-based multi-asset class trading firm has received key regulatory authorisation to offer bitcoin trading services.
The Bermuda Monetary Authority (BMA) has granted 24 Exchange a “Class T” digital asset business licence, allowing it to offer cryptocurrency trading on its institutional-grade platform.
The firm officially announced Tuesday that the new license was granted under the Bermuda Digital Asset Business Act 2018.
24 Exchange plans to offer physical crypto trading to its institutional clients later this summer, according to the freshly obtained licence. 24 Exchange, which specialises in foreign exchange non-deliverable forwards (NDFs), or two-party cash-settled derivatives contracts, plans to launch NDF trading in Bitcoin (BTC) and Ether (ETH).
24 Exchange has been working closely with the Bermuda Government’s Office of FinTech, the Bermuda Business Development Agency, and Bermuda Premier David Burt to gain the licence. According to reports, the recent regulatory permission is Bermuda’s “first licence of its sort,” and the state is looking forwards to “having these innovative digital pioneers blazing new trails” in the island.
24 Exchange was founded in 2019 with the goal of offering institutional investors with a wide range of asset exposures at the lowest feasible cost, 24 hours a day. In the future, the company plans to expand the platform’s capabilities to incorporate all available assets.
“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.
Bermuda has emerged as a crypto-friendly jurisdiction in recent years, as reported by Cointelegraph, welcoming operations of various worldwide crypto enterprises. Bittrex Global was awarded a “Class F” digital asset business licence by the BMA in October, allowing it to offer crypto services like as futures trading. Bermuda is also the world’s first government to accept Circle’s stablecoin USD Coin (USDC) for tax payments, according to reports.