XBTO International Ltd. (XBTOI), a licensee of global crypto investors XBTO Group, announced on Monday the Bermuda Monetary Authority (BMA) has granted it a license under the Digital Asset Business Act. XBTO reported that XBTOI marks only the third firm to be granted this type of license in Bermuda.
“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.”
While sharing more details about the license, Julien Auchecorne, Chief Operating Officer of XBTOI, stated;
“This is a significant development for our business in Bermuda and across the global trading landscape. 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.”
Bermuda’s Premier, David Burt, added:
“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. 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.”