Bermuda’s Jewel Bank has been awarded a digital asset business license by Bermuda Monetary Authority as the first in the island nation.
The bank seeks to provide its services in Bermuda and also targets digital asset companies globally, including the US and the non-sanctioned economies.
Part of the firm’s services is Jewel Settle, which allows clients to access real-time payment settlements with their digital assets trading pairs in USD.
Jewel has also outlined plans to roll out a USD stablecoin among other single fiat currencies on its platforms. The institution’s stablecoin service will cover other banks and non-bank financial institutions under different regulatory frameworks.
Bermuda’s Premier David Burt previously remarked that his jurisdiction was implementing projects that make the island a test platform for stablecoins including a national digital bank.