GRVT Makes History as the First Regulated DEX in Bermuda, Revolutionizing DeFi Adoption

GRVT Becomes the First Regulated Decentralized Exchange

In a significant move towards mainstream adoption of decentralized finance (DeFi), GRVT, a hybrid cryptocurrency exchange aiming to become the "Goldman Sachs of blockchain," has achieved a groundbreaking milestone. Recently, GRVT was granted a Class M digital asset business license by the Bermuda Monetary Authority (BMA), making it the first decentralized exchange (DEX) to receive regulatory approval worldwide.

This achievement sets a new global standard for regulated decentralized finance, marking a pivotal moment in the sector's shift towards a more compliant framework. By establishing a regulated environment, GRVT paves the way for broader acceptance of DeFi among the general public and institutional investors.

Aiming for Transparency and Compliance

According to the Digital Asset Business Act (DABA), GRVT has acquired a modified Class M license for providing digital asset derivatives exchange services. The company is working closely with the BMA to meet operational pre-conditions ahead of its official launch, which will initially offer services to select business clients. In the coming months, GRVT aims to secure a full Class F license under the same regulatory framework. This would enable them to launch an institutional grade perpetual DEX in Bermuda.

As the DeFi landscape evolves, gaining the trust of institutions and the general public remains a major challenge. Many traditional financial institutions hesitate to engage with decentralized platforms due to concerns over compliance, security, and consumer protection. Regulatory authorization is vital to bridge this trust gap; aligning innovative solutions with legal oversight allows DeFi platforms to offer the transparency and accountability that institutions require, facilitating widespread adoption and sustainable sector growth.

Hong Yea, co-founder and CEO of GRVT, emphasized the importance of regulatory compliance in DeFi, stating, "The Bermuda framework is pioneering regulatory clarity for the digital asset market. Our license from the BMA strengthens our commitment to linking decentralized finance with regulatory compliance. We have always believed that compliance should be the foundation of cryptocurrencies and decentralized finance, not an afterthought. Without it, it is practically impossible to earn institutional trust and introduce revolutionary technologies to the mainstream."

Bermuda's Role in Pioneering Digital Finance

The Honorable E. David Burt, Premier of Bermuda, expressed pride in the island's leadership regarding regulatory clarity for the digital finance sector. He stated, "We are pleased to see decentralized finance companies like GRVT leverage our digital asset regulations, and we congratulate them on successfully completing our authorization process. The issuance of the first DABA license to a decentralized exchange reflects our regulator's willingness to engage with innovative technologies and businesses in the digital finance space. We hope that more DeFi enterprises choose Bermuda as we continue to provide the necessary regulatory clarity for the digital finance sector to thrive."

As GRVT continues its regulatory journey, it's demonstrating its commitment to comprehensive compliance and the goal of offering a wide range of digital asset services within Bermuda's robust regulatory framework. Concurrently, GRVT is engaged with regulatory authorities in several countries to advance its licensing efforts. This includes alignment with the European Union's Markets in Crypto-Assets (MiCA) framework and collaboration with the Abu Dhabi Global Market (ADGM), renowned for its innovative approach to digital asset regulation.

For more information and to join the GRVT community, visit grvt.io.

Disclaimer

Cryptocurrencies are high-risk investments. This content does not constitute a distribution, offer, or solicitation of financial products or services, nor a representation of their relevance or legality for you. GRVT is not a regulated entity, and your funds are not subject to regulatory protection. Please seek advice from financial and legal experts before making decisions based on this content and carefully read our risk statement and disclaimer in its entirety.

Users in Singapore should note that GRVT is not licensed, approved, authorized, or regulated under legislation administered by the Monetary Authority of Singapore (MAS). Users will not benefit from the regulatory protections imposed by the MAS. GRVT International Limited (GIL), the operational entity of GRVT in Bermuda, has yet to commence activities and will officially launch once all pre-operational conditions set by the Bermuda Monetary Authority are satisfied.

About GRVT

Founded in 2022, GRVT is the world's first regulated DEX. Operating as a hybrid derivatives platform, GRVT offers off-chain order matching and on-chain settlement at an impressive speed of 600,000 TPS. With ambitions to reshape the global financial system at its core, GRVT harnesses blockchain technology to empower more individuals to generate and fully own their wealth without barriers. With the aim of becoming the "Goldman Sachs of Blockchain," GRVT brings institutional expertise to decentralized finance, striving to create an open and scalable financial marketplace that allows individuals easy access to financial products.