The DABA license will provide Bittrex Global with an additional important gateway for global accounts. From its Bermuda hub, the company will offer additional digital asset services over time subject to further approval by the BMA.
Appleby advised Bittrex Global GmbH, an international fintech company that operates a digital asset exchange platform from Liechtenstein and is a member of the Bittrex Global Group, on the establishment of Bermuda based Bittrex Global (Bermuda) Ltd.
Bittrex Global (Bermuda) Ltd. will operate a full service digital asset derivatives exchange platform from Bermuda, under its Class F DABA License. Appleby advised on all aspects of the DABA license application, including all AML/ATF regulatory requirements.
Bittrex Global (Bermuda) Ltd.’s digital asset exchange platform will provide customers with the ability to trade digital asset derivatives. Currently, the platform allows customers to trade digital asset leverage tokens, with a view to allow digital asset futures contracts and digital asset perpetual contracts to be traded in the future.
“The entire crypto industry is about looking forward,” said Bittrex Global’s CEO Tom Albright. “Working with the Bermuda government and the BMA to be part of another regulatory community that keeps innovating is extremely exciting and is an important step in increasing crypto’s penetration at all levels of the financial industry,” Albright said.
Steven Rees Davies, lead partner at Bittrex Global’s legal counsel, Appleby in Bermuda, commented: “Congratulations to Stephen Stonberg and Tom Albright and the innovative team at Bittrex on the establishment of their cryptocurrency exchange from Bermuda. With digital asset derivatives trading up to roughly seven times the volume of the spot market, providing a platform for traders to actively participate in digital asset derivatives trading is a big step forward in the growing digital asset sector. Bermuda’s highly established regulatory and fintech community welcomes your ingenuity and we look forward to continuing to support your many forward-thinking initiatives.”
Partner Steven Rees Davies was supported by Partner Matthew Ebbs-Brewer, Associate Kit Cunningham and Trainee Amber Farrington on the establishment of the Bermuda company and the DABA application, and by Partner Sally Penrose on the AML/ATF regulatory aspects.