Multi-asset exchange wins Bermuda crypto trading license

A Bermuda-based multi-asset trading company has secured massive government approval allowing it to offer cryptocurrency trading services.

The over-the-counter trading platform 24 Exchange has received a “Class T” license for trading digital assets from the Bermuda Monetary Authority (BMA) in order to start cryptocurrency trading on its institutional platform. The company officially announced on Tuesday that the new license had been granted under the Bermuda Digital Assets Business Act 2018.

With the newly received license, 24 Exchange plans to start physical crypto trading for its institutional customers this summer. 24 Exchange specializes in non-transferable forward foreign exchange contracts (NDF) or two-party cash-settled derivative contracts and is also expected to introduce the ability to trade NDF in Bitcoin (BTC) and Ether (ETH).

To secure the license, 24 Exchange worked closely with the Bermuda Government FinTech Office, the Bermuda Business Development Authority and Bermuda Prime Minister David Burt. The Prime Minister stressed that the latest regulatory approval is “the first license of its kind to be issued in Bermuda,” and the state is trying to “get these innovative digital pioneers to develop new technologies” new road “in the country .

Founded in 2019, 24 Exchange focuses on providing institutional investors with diversified asset exposure at the lowest possible cost, 24/7. The company intends to expand the platform’s capabilities to all possible assets in the future.

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“We plan to expand the trading capabilities of the platform to include all other assets on our exchange in the future – all at the best available prices. The unique NDF offering from 24 Exchange will greatly facilitate the institutional rollout of crypto products worldwide, ”said Dmitri Galinov, CEO and founder of 24 Exchange.

As previously reported by Cointelegraph, Bermuda has grown into a crypto-friendly jurisdiction over the past few years that welcomes the operation of many global crypto companies in the country. Last October, the BMA granted the cryptocurrency exchange Bittrex Global a “Class F” license for trading digital assets, which enables it to offer crypto services such as futures trading. Bermuda is also said to be the first government in the world to accept Circles Stablecoin USD Coin (USDC) for tax payments.