Cryptocurrency over the counter (OTC) trader, XBTO, is the latest cryptocurrency firm to gain a digital trading asset license on the island of Bermuda. The Bermuda Monetary Authority (BMA) offered the company a license under the Digital Asset Business Act. The company becomes only the third digital asset exchange to be granted such a license in the country which is currently a leading offshore regulatory jurisdiction for insurance and capital markets.
Having the license will offer the company freedom to roll out next-generation digital assets and
“offering best-in-class market making products through superior proprietary technology and connectivity.”
XBTO opened its operations in the country in early 2018 as a leading asset exchange provider offering over the counter desk trading services, consulting, asset management, and VC work.
Digital Asset Trading, a welcome sight in Bermuda
The United States has been plagued by regulations shortcomings while dealing with cryptocurrencies and other digital assets – a move causing multiple companies to look elsewhere. Bermuda provides the perfect refuge for these U.S companies after the release of the “Digital Asset Custody Code of Practice”, which governs progressive digital asset trading.
Speaking on the announcement, David Burt, Bermuda’s Premier said,
“I am exceptionally pleased that XBTO International has been granted a Digital Asset Business License by the Bermuda Monetary Authority. XBTO represents a company with solid financial services pedigree that has seen the opportunity and potential offered by the digitization of finance.”
The Chief Operating Officer of XBTO Investments, Julien Auchecorne, praised the country’s forward look on digital assets and opening up to the global population to set up businesses. He continued,
“We are engaged in many exciting projects and are proud to showcase Bermuda’s growing status as a leading offshore digital asset hub. We presently have a mandate to expand our office following [us obtaining] our license and remain committed to collaborating with all Bermudian stakeholders to explore how we can educate the island on the Digital Assets industry.”
Circle, one of the biggest digital asset traders in the world, announced last week they will be moving their operations to Bermuda presumably due to the regulation uncertainty in the United States.