XBTO International Receive Digital Asset License

July 29, 2019

Premier David Burt announced that 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.

XBTOI marks only the third firm to be granted this type of license in Bermuda.

XBTO International Receives Digital Asset License Bermuda July (1)

“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,” a spokesperson said.

“I am exceptionally pleased that XBTO International has been granted a Digital Asset Business License by the Bermuda Monetary Authority,” said Premier David Burt.

XBTO International Receives Digital Asset License Bermuda July (3)

“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,” Premier Burt added.

XBTO International Receives Digital Asset License Bermuda July (2)

“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.”

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Comments (5)

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  1. Lol says:

    Great work keep it up PLP

  2. Toadinthehole says:

    Good – another few hundred of these and we might be ok.

  3. CHRIS says:

    where will they be banking? will Island banks now accept this business or risk is still too high?

    • Reality Cheque says:

      How many locals were hired? How much office space have they rented?
      Been here since Jan 2018? How much have they contributed to our economy since then?

  4. Ringmaster says:

    Looks like the PLP are increasing people on work permits but not jobs for Bermudians. Rerun of the first PLP Government – import expats and displace Bermudians. Where’s the outrage?