Home / Business and Economy / BIT Secures BVI License for Digital Asset Business
BIT Secures BVI License for Digital Asset Business
20 May
Summary
- BIT's Matrixport Technologies Ltd received a SIBA license in BVI.
- The company is now registered as a Virtual Asset Service Provider.
- This expands BIT's regulated financial services for institutional clients.
BIT announced that its subsidiary, Matrixport Technologies Ltd, has obtained significant regulatory approvals in the British Virgin Islands. The company secured a SIBA Investment Business Licence, Category 2, for arranging deals in investments, and a Virtual Asset Service Provider (VASP) registration. These authorizations align with BIT's strategy to bolster its regulatory compliance and expand its digital asset financial services.
The approvals empower Matrixport Technologies Ltd to conduct regulated investment business and virtual asset services within the BVI's established frameworks. This development is a crucial step for BIT, a global digital asset financial infrastructure group founded in 2019, which aims to bridge traditional finance with digital assets through robust governance and regulatory adherence.
John Ge, Co-Founder and CEO of BIT, stated that this approval signifies progress in building trusted, institutional-grade digital asset infrastructure. The company highlighted its nearly three-year engagement with regulators, demonstrating significant investment in governance, risk management, and compliance. BIT, formerly known as Matrixport, is a unicorn managing over $7 billion in assets and facilitating over $7 billion in monthly trading volume.
