CrossTower secures license to act as a digital assets exchange in Bermuda

The Bermuda Monetary Authority has granted a license to CrossTower under the Digital Asset Business Act (DABA).

CrossTower is an  exchange operator seeking to bring digital asset investing and trading into the mainstream. The BMA has given it a Class M license. The license enables CrossTower to operate in Bermuda as a digital asset exchange and custodial wallet service provider.

Late last year the Bermuda government announced it would accept digital currency payments in USD-backed digital currencies issued and custodied by companies licensed by the BMA. The government has also piloted a Bermuda dollar stimulus programme with another licensed DABA company.

Kapil Rathi, chief executive of CrossTower, said: “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.”

David Burt, Premier of Bermuda, said: “Bermuda provides a regulatory regime of clarity that was an attractive pairing with CrossTower’s approach to providing robust safeguards and infrastructure to support institutional players.”

Kristin Boggiano, co-founder and president of CrossTower, added: “The Bermuda Government’s on-boarding concierge service, crypto-friendly regulatory regime and forward-thinking Premier have accelerated the expansion of our global footprint.”