GRVT Obtains Class M License from Bermuda Monetary Authority
GRVT, a hybrid cryptocurrency trading platform, is the latest decentralized exchange (DEX) to gain regulatory approval in Bermuda.
On December 6, GRVT announced it received a Class M Digital Asset Business License from the Bermuda Monetary Authority (BMA), marking a significant step for Decentralized Finances (DeFi) toward mainstream and institutional adoption.
Regulatory Milestone and Next Steps
This milestone underscores GRVT’s commitment to bridging decentralized and traditional finance. By combining innovation with regulatory compliance, the exchange aims to build trust among institutional investors wary of unregulated DeFi platforms.
The Class M license was issued under the Bermuda Digital Asset Business Act (DABA), allowing GRVT to operate within a regulated environment while preparing for a Full Class F license.
GRVT aims to become a fully licensed DEX in Bermuda by mid-2025, which will enable the firm to extend its services globally beyond current sandbox operations.
GRVT co-founder and CEO Hong Yea stated that this license reflects the company's commitment to removing barriers between traditional finance and the Web3 ecosystem.
“Compliance is the cornerstone of our mission to integrate decentralized finance into the global financial system. This license represents our dedication to establishing a secure, transparent, and accessible financial ecosystem that bridges the gap between innovation and trust,” he said.
Uniting Centralized and Decentralized Finance
The license acquisition followed 15 months of rigorous preparations, including internal testing of its mainnet.
GRVT plans to launch its mainnet to all users in two weeks, enabling tracking of trading volumes through external data providers.
Currently, GRVT collaborates with 55 institutional partners and 17 market makers, achieving a contractual trading volume of $4.2 billion per month.
GRVT’s regulated status enhances its role in advancing the Centralized-Decentralized Finance (CeDeFi) movement, merging traditional financial reliability with decentralized efficiency. The company envisions a unified ecosystem for seamless asset flow between centralized and decentralized platforms.
The Honorable E. David Burt, Premier of Bermuda, credited the successful license registration to the country’s comprehensive regulatory framework.
“Bermuda is proud to lead the way in providing clear and supportive regulations for digital finance businesses. GRVT’s success demonstrates the strength of our approach in fostering innovation,” he said.
In addition to Bermuda, GRVT is working with regulators in other jurisdictions. The company aligns its practices with the European Union’s Markets in Crypto-Assets (MiCA) framework and collaborates with the Abu Dhabi Global Market (ADGM) to secure licenses in key financial hubs.
These initiatives reflect GRVT’s ambition to lead the global DeFi movement by integrating regulatory compliance across multiple regions, ensuring its services meet high standards for institutions and individual users.