GRVT Secures Bermuda License, Becoming World’s First Regulated DEX, A Milestone for DeFi to Go Mainstream
Singapore, Singapore, December 6th, 2024, Chainwire
Hybrid cryptocurrency exchange GRVT (pronounced “gravity”), which aims to become the “Goldman Sachs on blockchain”, is thrilled to announce its groundbreaking achievement as the first DEX to secure regulatory approval, having obtained the Class M Digital Asset Business License from the Bermuda Monetary Authority (BMA).
Regulated DeFi – The Key for 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 industry’s evolution toward a more regulated, secure, and compliant approach – paving the way for mainstream and wider institutional adoption of DeFi.
GRVT has received class M “modified” digital asset derivative exchange provider license under Bermuda Digital Asset Business Act (“DABA”) and will work with the BMA to satisfy the pre-operational conditions before formally launching and serving selected corporate customers. Further, in the coming months, the platform will be working towards upgrading to the Full Class license under the DABA, aiming to launch its global institutional-grade perps DEX in the jurisdiction. Walkers (Bermuda) Ltd. acted as the lead legal counsel throughout the process.
As the DeFi sector evolves, securing institutional and mainstream trust still remains a critical challenge. Without clear regulatory frameworks, many traditional financial institutions remain hesitant to engage with decentralized platforms, fearing risks related to compliance, security, and consumer protection. Regulatory approval is key to bridging this trust gap. By aligning innovation with legal oversight, DeFi platforms can offer the transparency and accountability that institutions require, helping to foster widespread adoption and drive the entire industry toward sustainable growth.
Hong Yea, co-founder and CEO of GRVT, said, “Bermuda is a pioneer in structuring and providing regulatory guidance for the digital asset market. Securing the license from the BMA reinforces our commitment to bridging decentralized finance and regulatory compliance. We’ve always believed compliance should be the foundation for crypto and DeFi, not an afterthought. Without it, earning institutional trust—and bringing revolutionary technologies to the mainstream—becomes nearly impossible.”
The Honorable E. David Burt, Premier of Bermuda, commented, “Bermuda is proud to be a leader in providing regulatory clarity to the digital finance sector. We are happy to see decentralized finance businesses like GVRT utilizing our digital asset regulations and congratulate them on successfully completing our licensing process.
The issuance of the first DABA license for a decentralized exchange demonstrates the willingness of our regulator, the Bermuda Monetary Authority, to engage with the most innovative technologies and businesses in the digital finance sector. We look forward to more decentralized finance businesses choosing Bermuda as we continue to provide the regulatory clarity needed for the digital finance sector to continue to grow.”
Kendaree Burgess, Managing Director of the Bermuda Business Development Agency (BDA), stated: “Becoming the world’s first decentralized exchange to secure the Class M Digital Asset Business License is a landmark milestone for GRVT and reaffirms Bermuda’s leadership in the digital asset space. This milestone demonstrates how Bermuda’s regulatory environment enables innovation while ensuring robust regulatory oversight. As GRVT progresses to meet the further requirements to operate in Bermuda, the BDA stands ready to provide strategic guidance and tailored concierge services, ensuring they are supported at every stage of their establishment and growth. This achievement aligns with the BDA’s economic development strategy, which focuses on fostering innovation and attracting pioneering businesses to strengthen Bermuda’s position as a global financial hub.”
Rachel Nightingale, Partner at Walkers, stated, “We are excited that GRVT has decided to establish a presence in Bermuda and are proud to have offered comprehensive legal support throughout the application process. We wish them great success as they pursue their international expansion goals.”
GRVT is continuing its pursuit of a Full Class F license in Bermuda, demonstrating its dedication to comprehensive regulatory compliance and its readiness to offer a broad spectrum of digital asset services within Bermuda’s robust regulatory framework.
Simultaneously, GRVT is actively engaging with regulatory authorities in multiple jurisdictions to advance its licensing efforts. These initiatives include aligning with the Markets in Crypto-Assets (MiCA) framework in the European Union and collaborating with the 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 is not a distribution of, or an offer or solicitation to provide, financial services or products, nor a representation as to their suitability or legality for 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 review our [Risk Disclosure and Disclaimer] in full.
Singapore users: GRVT is not licensed, approved, authorised, designated, recognised, registered or otherwise regulated under any legislation administered by the Monetary Authority of Singapore (“MAS”). As such, users will not have the benefit of any regulatory safeguards imposed by the MAS.
GRVT International Limited (“GIL”), the operating entity of GRVT in Bermuda, has not yet commenced operation. GIL will formally launch once it has satisfied all pre-operational conditions required by the Bermuda Monetary Authority.
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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 at an impressive 600,000 TPS. GRVT’s vision is to redesign the global financial system from its core by leveraging blockchain technology, giving more people the power to generate and fully own their wealth without barriers. With the ambition to build the “Goldman Sachs on blockchain”, GRVT brings institutional expertise to decentralized finance. Our goal is to build an open, scalable financial marketplace, where individuals can easily access financial products.
GRVT official website: https://grvt.io/
