Bermuda grants legal status to XBTOI crypto firm

XBTO International (XBTOI) was recently granted a license to operate by Bermuda Monetary Authority (BMA) under the 2018 Digital Asset Business Act that the island enacted. With this, the crypto firm is now able to operate legally in the region.

As the firm noted in a press release, this makes the XBTOI only the third to acquire such a license from the authority. This effectively allows it to expand its services in providing digital assets. The Chief Operating Officer of XBTOI, Julien Auchecorne discussed this aspect in detail.

“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," 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."

As for the Bermuda authorities, the island’s premier, David Burt expressed delight at the prospect of XBTOI having a presence in the region. He pointed to the firm’s solid record as one of the biggest reasons for why it is an asset.

“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,” he said.

XBTOI is already involved in a lot of finance fronts, CoinDesk reports, including digital asset management, counter desk trading, and venture capital. However, it wants to expand those services even more and will leverage this Bermuda license towards this goal.