The Bermuda Monetary Authority (BMA) has granted cryptocurrency investment firm XBTO International Limited (XBTOI) a license to legally operate in Bermuda, making it the third firm to hold this license under the island’s 2018 Digital Asset Business Act.
XBTOI, a licensee under XBTO Group, has been present in Bermuda since January 2018. According to a company statement, the license will help the firm release a new selection of innovative digital asset solutions.
“Our local commitment extends beyond our own office presence and working relationships with service providers on the island,” XBTOI Chief Operating Officer Julien Auchecorne said. “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.”
Premier of Bermuda David Burt said the collaboration with XBTO will diversify Bermuda’s “footprint in the fintech industry” and help the island continue to play a “constructive role in the further development of this rapidly evolving industry.”
Bermuda first entered the fintech industry in July 2018 to promote the island as the jurisdiction of choice for fintech entrepreneurs and establish new regulatory framework as the universal standard for ICOs, digital assets and virtual currencies.