A multi-asset class trading company headquartered in Bermuda has reportedly obtained regulatory greenlight to roll out crypto service offerings in the region.
Specifically, Over-the-counter trading platform 24 Exchange has successfully got ahold of the “Class T” digital asset business licence, granted by the Bermuda Monetary Authority (BMA), to begin offering crypto trading across its institutional-grade platform.
The company reportedly issued an official announcement on July 20th, sharing that the new license was approved under the Bermuda Digital Asset Business Act 2018.
Following the arrival of the new license, 4 Exchange is reportedly having a goal of releasing physical crypto trading to its institutional customers in summer this year.
24 Exchange – which focuses primarily on foreign exchange non-deliverable forwards (NDFs), or two-party cash-settled derivatives contracts – is reportedly also having intentions to roll out a trading capability with NDFs in Bitcoin (BTC) and Ether (ETH).
In its efforts to obtain the license, 24 Exchange has reportedly been collaborating with different agencies, including the Bermuda Government’s Office of FinTech, the Bermuda Business Development Agency, together with Bermuda Premier David Burt.
The Premier reportedly emphasized that this recent regulatory go-ahead would be the “first license of its kind to be issued in Bermuda”, with the state expecting these innovative entities in digital leading to new opportunities for the nation.
“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,” Head of 24 Exchange Dmitri Galinov reportedly remarked.