Business

Dennis Wafula

Bermuda authorities award a DABA license to XBTOI

Bermuda authorities recently awarded XBTO International Ltd, a subsidiary of the XBTO Group, a license under the Digital Asset Business Act of 2018 (DABA).

According to the press release, XBTO was awarded the license by the Bermuda Monetary Authority (BMA). XBTOI becomes the third firm to be granted this type of permit in the country.

XBTOI began its operations in Bermuda in January 2018. The company offers best in class market-making products through superior proprietary technology and connectivity.

As per its website, XBTOI is involved in crypto-related trading products, market making, blockchain development, asset management, OTC trading, mining, and venture investing. This license will allow XBTOI to venture into a variety of innovative digital assets solutions.

While commenting on the licensing, Julien Auchecorne, Chief Operating Officer of XBTOI had this to say:

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.

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 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.

Bermuda grants this license to digital asset exchanges, crypto platforms, e-wallets, and others offering similar products. With the new licensing, XBTOI will now work under the supervision of Bermuda’s primary regulator, the Bermuda Monetary Authority (BMA).

Steven Rees Davies, a 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 a testament to the standards by which XBTOI operates globally and sets them apart from others in this highly competitive sector.”

Awarding this license is another step in putting Bermuda on the map “as an outlier destination for fintech innovation.” Earlier in May, the government in Bermuda made amendments to its Banking Act allowing new class o banks that would cater to fintech and blockchain companies.

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