GRVT has secured a Class M Digital Asset Business Licence from the Bermuda Monetary Authority (BMA), thereby becoming the first decentralised exchange (DEX) to receive regulatory approval.
The Class M “modified” licence, granted under the Bermuda Digital Asset Business Act (DABA), allows GRVT to operate as a digital asset derivative exchange provider.
GRVT expects to work closely with the BMA to meet pre-operational requirements before launching its services for selected corporate clients.
The hybrid cryptocurrency exchange also plans to upgrade to a Full Class Licence under the DABA in the coming months as it prepares to debut its global institutional-grade perpetual DEX.
GRVT co-founder and CEO Hong Yea 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 decentralised 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.”
Traditional financial institutions have been hesitant to engage with decentralised platforms due to concerns over compliance, security, and consumer protection, said GRVT. By aligning its operations with a clear regulatory framework, the firm aims to bridge this trust gap and attract institutional interest in the DeFi ecosystem.
The regulatory milestone in Bermuda is part of GRVT’s broader global strategy.
The exchange is actively pursuing additional licensing in other jurisdictions, including compliance with the European Union (EU)’s Markets in Crypto-Assets (MiCA) framework. It is also collaborating with Abu Dhabi Global Market (ADGM), a financial hub known for its progressive digital asset regulations.
Established in 2022, VT operates as a hybrid derivatives platform, combining off-chain order matching with on-chain settlements capable of processing up to 600,000 transactions per second.
The platform aims to transform the global financial system by harnessing blockchain technology, empowering individuals to generate and take full ownership of their wealth without barriers.
