A multi-asset class trading firm in Bermuda has secured major regulatory approval allowing it to offer cryptocurrency trading services.
Over-the-counter trading platform 24 Exchange has acquired a “Class T” digital asset business licence from the Bermuda Monetary Authority (BMA) to roll out 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.
With the newly received license, 24 Exchange is planning to launch physical crypto trading to its institutional clients later this summer. Specializing in foreign exchange non-deliverable forwards (NDFs), or two-party cash-settled derivatives contracts, 24 Exchange also expects to introduce a trading capability with NDFs in Bitcoin (BTC) and Ether (ETH).
In order to secure the license, 24 Exchange has been working closely with the Bermuda Government’s Office of FinTech, the Bermuda Business Development Agency, as well as Bermuda Premier David Burt. The Premier reportedly highlighted that the latest regulatory approval is the “first license of its kind to be issued in Bermuda,” and that the state is looking forward to “having these innovative digital pioneers blazing new trails” in the country.
Founded in 2019, 24 Exchange is focused on providing institutional investors with diverse asset exposures 24 hours a day and at the lowest possible cost. The company intends to expand its platform’s capability in the future to include all possible assets.
Related: Bermuda Premier: Cryptocurrency a great equalizer against big tech
“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.
As previously reported by Cointelegraph, Bermuda has emerged as a crypto-friendly jurisdiction in recent years, welcoming operations of multiple global crypto businesses in the country. Last October, BMA granted a “Class F” digital asset business licence to crypto exchange Bittrex Global, allowing it to offer crypto services like futures trading. Bermuda is also reportedly the first government over the world to accept Circle’s stablecoin USD Coin (USDC) for tax payments.