Our Bermuda Fintech team supported VNX on its successful application on behalf of VNX Global Ltd., a Bermuda exempted company, for a Class M digital assets business licence from the Bermuda Monetary Authority (BMA) under the Digital Asset Business Act, 2018.
VNX provides regulated infrastructure for the issuance, redemption, conversion and transfer of digital asset and via its Bermuda platform intends to provide digital asset exchange services and issue single currency pegged VNX stablecoins with additional payment infrastructure services to follow in the near future. VNX chose Bermuda because it offered a fit for purpose legislative framework with clear and practical regulatory guidance for issuing stablecoins and expectations with respect to stablecoin reserves and further cements Bermuda as the premier offshore jurisdiction for stablecoin issuers.
VNX successfully launched its VGBP and VCHF stablecoins and exchange services with the benefit of the Bermuda license during July 2026.
Congratulations to the whole VNX team, including founder and CEO, Alexander Tkachenko, on this important expansion of their business. We are excited to see what the future brings for VNX and Bermuda's stablecoin ecosystem.
Our team comprised partners Natalie Neto, Leonie Tear and Rachel Nightingale, senior associate Joshua Bradbury and associate Kaleb Phillips.