As per the latest reports, a trading firm belonging to the multi-asset class has made a promising announcement for cryptocurrency users. The cryptocurrency trading platform has announced that it has successfully acquired a license from the Bermuda regulatory authority.
The firm has revealed that following the acquisition of the operating license from the major regulatory authority, it would be able to offer services to the traders surrounding cryptocurrencies. The exchange would be able to offer cryptocurrency trading services to the users without any hiccups or obstacles.
The particular firm is known to be an exchange that is going to operate 24/7 and it is going to provide services that would be over-the-counter. The exchange has revealed that it has successfully managed to acquire a “Class T” license from the major regulatory authority from Bermuda.
The data shows that the Class T license is pertaining to the digital asset business. The name of the particular regulatory authority that has issued licenses to the exchange is the Bermuda Monetary Authority (BMA).
Now that the exchange has received the approval (license) from the BMA, it would be able to offer trading services and digital assets to even the institutional-grade investors.
The announcement in regards to the issuances of the new license was made by the exchange on Tuesday, July 20, 2021. In the announcement, the exchange revealed it had received approval from the BMA under the Act 2018 for Bermuda Digital Asset Business.
According to the regulatory authority, the report around the confirmation on the license issuances has been rotated to all concerned entities. The name of the particular exchange that has recently received a license to operate from the BMA is “24 Exchange”.
The 24 Exchange has announced that following the acquisition of the license, it is going to offer its users services in cryptocurrency trading. The firm has announced that it is going to introduce something very unique for its institutional investors. The firm has announced that it is planning to offer physical services to institutional clients in terms of cryptocurrency trading.
The exchange claims that it currently specializes in two-party cash-settled derivatives contracts and FX non-deliverable forwards (NDFs). The firm has announced that once it has launched its services, it is going to introduce NDFs to its users and investors while performing cryptocurrency trades. The NDFs trading services available to the users would be for Ether (ETH) and Bitcoin (BTC).
The firm revealed that in order to acquire the license from the BMA, the exchange had spent an ample amount of time gaining experience at the Government Offices in Bermuda. The exchange revealed that it spent the majority of its time at the FinTech office of the Bermuda Government.
There, the exchange learned what kind of expectations the government and the regulatory authorities have with the cryptocurrency exchanges.