BMA grants operating licence to new crypto exchange operator
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BMA grants operating licence to new crypto exchange operator 12 October 2020Bermuda Reporter: Maddie Saghir
Image: lucky-photo/ Adobe Stock
CrossTower, a new exchange operator, has been granted a license to operate in Bermuda by the Bermuda Monetary Authority (BMA) under the Digital Asset Business Act (DABA).
The license provided is a “Class M”, which makes CrossTower one of the first major cryptocurrency exchanges to receive such a permit from the authority.
“Following the success we’ve seen in the US since our launch earlier this year, we felt it was time to expedite our global expansion, and Bermuda is the perfect place to do so, given its significance to the digital asset industry,” said Kapil Rathi, CEO of CrossTower.
“With this new license, we now have the opportunity to expand our reach in this rapidly growing market segment, and we are grateful to the Bermuda Monetary Authority for providing us the tools and support to make that happen,” Rathi said.
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Image: lucky-photo/ Adobe Stock 