SINGAPORE, December 6, 2024 /PRNewswire/ — Hybrid cryptocurrency exchange GRVT (pronounced “gravity”), which aims to become the “Goldman Sachs on the blockchain,” is excited to announce its groundbreaking achievement as the first DEX to gain regulatory approval, having secured the digital asset trading license Class M of the Bermuda Monetary Authority (BMA).
Regulated Challenge – The key to mainstream and institutional adoption
This milestone positions GRVT as the world’s first regulated DEX, setting a new global standard for decentralized finance and marking a pivotal moment in the evolution of the industry towards regulated and compliant approach – paving the way for general and broader institutional adoption of Challenge.
GRVT has received a Class M “modified” digital asset derivatives exchange provider license under the Bermuda Digital Asset Business Act (“DABA”) and will work with the BMA to satisfy pre-operational conditions before launching and officially serve selected corporate clients. Additionally, in the coming months, the platform will work on upgrading to the Full Class license under DABA, with the aim of launching its institutional-grade global perps DEX in the jurisdiction.
Like the Challenge The sector is evolving, but ensuring the trust of institutions and the general public remains a crucial challenge. Without clear regulatory frameworks, many traditional financial institutions are reluctant to engage with investors. decentralized platforms, fearing risks related to compliance, security and consumer protection. Regulatory approval is key to closing this trust gap. By aligning innovation with legal oversight, Challenge platforms can provide the transparency and accountability that institutions need, helping to drive widespread adoption and lead the entire industry towards sustainable growth.
Hong Yea, co-founder and CEO of GRVTsaid, “Bermuda is a pioneer in structuring and providing regulatory guidance for the digital assets market. Obtaining the BMA license reinforces our commitment to rapprochement decentralized finance and regulatory compliance. We have always believed that compliance should be the basis of crypto And Challengenot an afterthought. Without it, gaining institutional trust and introducing revolutionary technologies to the mainstream becomes almost impossible. »
The honorable E. David Burtprime minister of Bermudacommented: “Bermuda is proud to be a leader in regulatory clarity for the digital finance industry. We are happy to see decentralized fund companies like GVRT using our digital asset regulations and congratulate them for successfully completing our licensing process.
The issuance of the first DABA license for a decentralized The exchange demonstrates the desire of our regulator, the Bermuda Monetary Authority, to engage with the most innovative technologies and companies in the digital finance sector. We look forward to more decentralized financial companies choose Bermuda as we continue to provide the regulatory clarity necessary for the continued growth of the digital finance sector. »
GRVT continues its quest for a full Class F license in Bermudademonstrating its commitment to full regulatory compliance and its desire to offer a wide range of digital asset services within Bermuda solid regulatory framework.
Concurrently, GRVT is actively engaging with regulators in multiple jurisdictions to advance its licensing efforts. These initiatives include market alignment in Cryptocurrency-European Union Asset Framework (MiCA) and collaboration with Abu Dhabi Global Market (ADGM), a leading financial center known for its innovative approach to digital asset regulation.
For more information and to join the GRVT community, visit grvt.io.
Disclaimer: Cryptocurrencies carry high risks. This content does not constitute a distribution, nor an offer or solicitation for the provision of any financial services or products, nor a representation as to their suitability or legality to you. GRVT is not a regulated entity and your funds are not subject to regulatory protection. Before making any decision based on this content, please seek financial and legal advice and carefully read our (Risk Disclosure and Disclaimer) in its entirety.
Singapore users: GRVT is not licensed, approved, authorized, designated, recognized, registered or otherwise regulated under any legislation administered by the Monetary Authority of Singapore (“MAS”). As such, users will not benefit from any regulatory guarantee imposed by the MAS.
GRVT International Limited (“GIL”), the operating entity of GRVT in Bermudais not yet operational. GIL will be officially launched once it has met all pre-operational conditions required by the Bermuda Monetary Authority.horite.
About GRVT
GRVT (pronounced “gravity”) is the world’s first regulated DEX. Founded in 2022, it operates as a hybrid derivatives platform, offering off-chain order matching and on-chain settlements for an impressive 600,000 TPS. GRVT’s vision is to fundamentally rethink the global financial system by leveraging blockchain technology, giving more people the power to fully generate and own their wealth without barriers. With the ambition of building the “Goldman Sachs on the blockchain”, GRVT brings its institutional expertise to decentralized finance. Our goal is to create an open and scalable financial market, where individuals can easily access financial products.
GRVT official website: https://grvt.io/
For media inquiries, contact: (email protected)
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