Jewel Bank all set to serve global crypto market

30-06-2022

Jewel Bank all set to serve global crypto market

Chancellor Barnett, founder, chairman and chief strategy officer, Jewel Bank

Jewel Bank has received approval from the Bermuda Monetary Authority (BMA) for its combined full bank licence and digital asset business (DABA) licence. Jewel Bank is Bermuda's first new bank in over 20 years and first digital asset bank.

"Institutional banking infrastructure has been the critical missing link for high growth digital asset exchanges and institutions outside of the US, bringing much-needed liquidity, reliability, and scale to this rapidly growing global space and its demand for fiat ramps and stablecoin payments," said Chancellor Barnett, Jewel Bank's founder, chairman and chief strategy officer.

"Jewel Bank will serve as the bridge between the traditional fiat banking system and new digital asset rails in order to serve the high-volume payments and settlement needs of our large global clients, including crypto exchanges, with both traditional and stablecoin-based payments solutions."

Jewel leadership chose Bermuda as the optimal non-US jurisdiction for its global digital asset bank due to Bermuda's existing DABA1 digital assets framework under a single regulatory body (unlike the US), the sophistication of the regulator and Bermuda's top global standing in compliance and anti-money laundering and counter-terrorist financing  measures.

Likewise, Bermuda's prior commitment to accept single USD fiat-backed stablecoins for payment of taxes and government services, Bermuda's history as a leading global financial services centre in reinsurance and insurance, and the support and innovation from the top levels of leadership in Bermuda, including its driving force, Premier David Burt, were all key factors in the decision to domicile in the country.

Premier Burt said, "The granting of a full banking license by the BMA to Jewel Bank is a tremendous achievement both for Jewel Bank and Bermuda. I am incredibly honoured that Jewel Bank chose Bermuda as their home and am pleased to finally be able to say that Bermuda has a complete banking solution for the digital asset industry.

“Jewel Bank's vision for stablecoins aligns well with our desire to support and embrace fully backed private sector stablecoin issuers. We look forward to working closely with Jewel Bank to help our Bermuda regulated industry achieve much needed banking support."

Jewel Bank, BMA, crypto

Bermuda Re