The Bermuda-based multi-asset trading company has received significant regulatory approval to offer cryptocurrency trading.
24 The Exchange OTC trading platform has received a T-Class digital assets license from the Bermuda Monetary Authority (BMA) to distribute cryptocurrency trading on its enterprise-class platform. The company officially announced on Tuesday that the new license has been granted in accordance with the Bermuda Digital Business Act 2018.
Thanks to the newly obtained license, 24 Exchange plans to start physical cryptocurrency trading for its institutional clients later this summer. Specializing in non-deliverable currency futures (NDFs) or bilateral cash-settled derivatives, 24 Exchange also expects to offer the ability to trade NDFs in Bitcoin (BTC) and Ether (ETH).
To obtain the license, 24 Exchange works closely with the Bermuda Government’s FinTech office, the Bermuda Business Development Agency and Bermuda’s Prime Minister David Burt. The Prime Minister reportedly confirmed that the latest government approval is “the first license of its kind issued in Bermuda”, and that the country is committed to “getting these innovative digital pioneers to take the lead” in the country.
24 Exchange was founded in 2019 and focuses on giving institutional investors a diversified asset risk 24 hours a day at the lowest possible cost. The company intends to expand the capacity of the platform in the future to include all possible assets.
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“We intend to expand the trading features of our platform in the future to include all other assets on the exchange – and all at the best available prices.” Dmitry Galinov, CEO and founder of 24 Exchange, said that NDF’s unique offering – 24 Exchange – will greatly facilitate institutional adoption of cryptocurrencies worldwide. …
As Cointelegraph previously reported, Bermuda has grown into a crypto-friendly jurisdiction in recent years, and welcomes the operation of several global crypto companies in the country. In October last year, BMA granted Bittrex Global cryptocurrency exchange a license to trade Class F digital assets so that it could offer cryptocurrency services such as futures trading. Bermuda is reportedly also the first government in the world to accept the dollar stablecoin circle (USDC) for tax purposes.