Multi-asset exchange obtains crypto trading license in Bermuda

[ad_1]

A multi-asset class trading company in Bermuda has obtained major regulatory approval to offer cryptocurrency trading services.

The 24 Exchange OTC trading platform has acquired a Class T digital asset trading license from the Bermuda Monetary Authority (BMA) to deploy cryptocurrency trading on its institutional grade platform. The company officially announced on Tuesday that the new license has been granted under the Bermuda Digital Asset Business Act 2018.

With the new license received, 24 Exchange plans to launch physical crypto trading to its institutional clients later this summer. Specializing in undeliverable foreign exchange (NDF) or two-party cash-settled derivative contracts, 24 Exchange also plans to introduce NDF trading capability in Bitcoin (BTC) and Ether (ETH).

In order to obtain the license, 24 Exchange worked closely with the Bermuda Governments Office of FinTech, the Bermuda Business Development Agency, as well as the Prime Minister of Bermuda, David Burt. The Prime Minister reportedly stressed that the latest regulatory approval is the first such license to be issued in Bermuda, and that the state is eagerly awaiting these innovative digital pioneers to break new ground in the country.

Founded in 2019, 24 Exchange is focused on providing institutional investors with various asset exposures around the clock and at the lowest possible cost. The company intends to expand the capacity of its platforms in the future to include all possible assets.

Related: Bermuda Premier: Cryptocurrency Is A Great Equalizer Against Big Tech

We intend to expand the trading capacity of our platform in the future to encompass all other assets on our exchange, all at the best available rates. 24 Exchange’s unique NDF offering will significantly facilitate institutional adoption of crypto products across the globe, said 24 Exchange CEO and Founder Dmitri Galinov.

As previously reported by Cointelegraph, Bermuda has emerged as a crypto-friendly jurisdiction in recent years, hosting the operations of several global crypto firms in the country. Last October, BMA granted a Class F digital asset trading license to crypto exchange Bittrex Global, allowing it to offer crypto services like futures trading. Bermuda is also said to be the first government in the world to accept USD Coin (USDC) stablecoin Circles for tax payment.

[ad_2]