Jewel Bank received license to operate in Bermuda
The Bermuda-based bank will operate with companies that transact cryptocurrencies in non-sanctioned countries
The Jewel Bank institution received the license from the Bermuda Monetary Authority (BMA), and will thus become the first bank to operate with cryptocurrencies on the Island.
As indicated through an official statement, the institution will provide services to companies that handle digital assets in non-sanctioned countries around the world.
On the other hand, it was confirmed that Jewel Bank plans to issue a dollar stablecoin, just as it confirmed its plans for other unique fiat currencies. This bank also program the issuing of stablecoins for other banks and non-bank financial institutions that do not have the same regulatory, technological and compliance capabilities.
“Institutional banking infrastructure has been the critical missing link for high-growth digital asset exchanges and institutions outside the US, bringing much-needed liquidity, reliability, and scale to this fast-growing global space. growth and its demand for fiat ramps and stablecoin payments”, said Chancellor Barnett, Founder, Chairman and Chief Strategy Officer of Jewel Bank.
The bank also considers offering domestic retail banking services in Bermuda and help accelerate the island’s digital transformation.
K. Tovar
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Source: Coindesk
