The Bermuda Monetary Authority (BMA) has granted a license under the Digital Asset Business Act to XBTO International Ltd (Bermuda) (“XBTOI”), a licensee of XBTO Group, one of the most active global crypto investors.
Premier David Burt said today that “XBTOI marks only the third firm to be granted this type of license in Bermuda, a leading offshore regulatory jurisdiction for insurance and capital markets”.
“I am exceptionally pleased that XBTO International has been granted a Digital Asset Business License by the Bermuda Monetary Authority,” he said.
“XBTO represents a company with solid financial services pedigree that has seen the opportunity and potential offered by the digitization of finance.
“XBTO was one of the earliest Fintech companies to choose Bermuda as its domicile for its international operations and has been a welcomed proponent and evangelist for the regulatory clarity that Bermuda has developed with our regulatory framework.
“We appreciate their collaboration, feedback and insights as we strive to deepen and diversify our footprint in the Fintech industry. We look forward to building upon our relationships with key players like XBTO as we continue to play a constructive role in the further development of this rapidly evolving industry,” he added.
Present in Bermuda since January 2018, XBTOI is a leading digital asset provider offering best-in-class market making products through superior proprietary technology and connectivity. This license allows XBTOI to roll-out a variety of next generation, innovative digital asset solutions.
“This is a significant development for our business in Bermuda and across the global trading landscape,” said Julien Auchecorne, Chief Operating Officer of XBTOI.
“We are engaged in many exciting projects and are proud to showcase Bermuda’s growing status as a leading offshore digital asset hub. Our local commitment extends beyond our own office presence and working relationships with service providers on the island.
“We presently have a mandate to expand our office following our license obtention and remain committed to collaborating with all Bermudian stakeholders to explore how we can educate the island on the Digital Assets industry.”
Steven Rees Davies, lead partner at XBTOI’s legal counsel, Appleby (Bermuda) Limited, commented: “We congratulate Julien and the team at XBTOI on this well- deserved achievement. The receipt of a Digital Asset Business License from the Bermuda Monetary Authority is testament to the standards by which XBTOI operates globally and sets them apart from others in this highly competitive sector.”
- About XBTO International: XBTO International (‘XBTOI”) is a proprietary digital asset trading firm transacting globally. Incorporated and based in Bermuda, XBTOI provides counterparties with best-in-class solutions and strategies through superior proprietary technology, risk management and relationships with key market participants