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Jewel Bank Becomes Bermuda’s First Digital Asset Bank After BMA’s Approval; Plans To Issue A USD Stablecoin

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  • Jewel Bank, based in Bermuda, receives the full bank and digital asset business licenses from Bermuda Monetary Authority (BMA). Jewel Bank becomes the island’s first digital asset bank.
  • Meanwhile, Jewel Settle, a real-time settlement network for payment, has announced that it will allow Jewel customers to make settlements with their digital asset trading counterparts in USD at any hour and within minutes.
  • Jewel also plans to issue a USD stablecoin and has proposals for other single fiat currencies.

Bermuda Monetary Authority (BMA) grants full bank and digital asset business licenses to Jewel Bank, based in Bermuda. Jewel became the first digital asset bank on the island with the new license, the firm revealed in a statement. 

Jewel Bank will offer services to the digital asset firms in non-sanctioned countries, including the U.S. and around the globe. The Bermuda-based bank also intends to offer Bermuda services to speed up the digital transformation of Bermuda. According to Jewel’s leadership, Bermuda is known for its compliance with anti-money laundering and counter-terrorist financing measures and crypto-friendly regulations.

While a real-time settlement network for payments, Jewel Settle will enable Jewel clients to settle with their digital asset trading counterparts in USD at any hour of the day and in no time. Moreover, Jewel has plans for other single fiat currencies. Besides, it also intends to issue a USD stablecoin.

The bank also wants to issue stablecoin for non-bank financial institutions that do not possess the same regulatory, compliance capabilities and technology, and other banks. 

In a podcast, the Premier of Bermuda, David Burt, said that he is leading projects to use the island as a testing ground for stablecoins and build a community-owned national digital bank.

Chairman, Chief strategy officer and the founder of Jewel bank, Chancellor Barnett, stated that the institutional banking infrastructure was the missing jigsaw puzzle for high growth crypto institutions and exchanges located out of the U.S. The missing element would bring highly necessary liquidity, reliability, and scale to this rapidly expanding global sector along with its demand for fiat ramos and stablecoin payments. 

Nancy J. Allen

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