A multi-asset class trading company in Bermuda has obtained major regulatory approvals allowing it to provide cryptocurrency trading services.
The over-the-counter trading platform 24 Exchange has obtained a “T-type” digital asset business license from the Bermuda Monetary Authority (BMA) to launch cryptocurrency trading on its institutional-level platform.The company officially Announce On Tuesday, the new license was granted under the Bermuda Digital Asset Business Act 2018.
With the newly acquired license, 24 Exchange plans to launch physical encryption transactions to its institutional clients later this summer. 24 The exchange specializes in foreign exchange non-deliverable forward contracts (NDF) or two-party cash-settled derivative contracts, and also hopes to introduce NDF trading capabilities into Bitcoin (Bitcoin) And ether (Ethereum).
In order to obtain the license, 24 Exchange has been working closely with the Bermuda Government Fintech Office, the Bermuda Business Development Agency and the Prime Minister of Bermuda, David Burt. According to reports, the Prime Minister emphasized that the latest regulatory approval is “the first such license issued in Bermuda” and that the state looks forward to “allowing these innovative digital pioneers to open new paths in the country”.
24 Exchange was established in 2019, focusing on providing institutional investors with 24-hour diversified asset exposure at the lowest possible cost. The company intends to expand the capabilities of its platform in the future to include all possible assets.
“We intend to expand the trading capabilities of our platform in the future to cover all other assets of our exchange-all assets are provided at the most favorable price. 24 Exchange’s unique NDF product will greatly promote the adoption of crypto products by institutions worldwide ,” said Dmitri Galinov, CEO and founder of 24 Exchange.
As previously reported by Cointelegraph, Bermuda has become a cryptocurrency-friendly jurisdiction in recent years, welcoming multiple global crypto companies to conduct business in the country. Last October, BMA grants “F-level” digital asset business license The cryptocurrency exchange Bittrex Global enables it to provide cryptocurrency services such as futures trading.According to reports, Bermuda is also The first government in the world Accept Circle’s stable currency USD Coin (USDC) Is used for taxation.