Walkers Acts on Jewel Bank's Bermuda Banking License Walkers is delighted to have acted as Bermuda counsel to Jewel Holdings Bermuda Limited ("Jewel") on its successful application for a full banking license and a digital assets business license in Bermuda.Walkers acted as lead legal counsel on the dual-licensing process for a full banking licence under the Banks and Deposits Companies Act 1999 and a class F licence under the Digital Asset Business Act 2018 (as amended). Jewel Bank is Bermuda’s first new bank in over 20 years and first digital asset bank. Jewel’s services address the core banking, payments, and settlement needs of many of the world’s largest global digital asset firms and exchanges, via API or web. As a fully licensed Bermudian bank, Jewel Bank will service digital asset firms (B2B) around the world in any non-sanctioned jurisdiction, as well as the US.Walkers partner Natalie Neto commented: "We are so pleased to see Jewel achieve its licenses after an extensive application and approval process and very proud that they have chosen Bermuda as their preferred jurisdiction for operations. Bermuda continues to be a leading domicile for Fintech and digital assets businesses across all sectors seeking to take advantage of the legal certainty offered by the digital assets business licensing framework under the Digital Assets Business Act, 2018. With the presence of Jewel Bank, Bermuda now offers a much needed banking solution for the digital assets business sector as well as for the public generally".Jewel Bank’s banking infrastructure aims to fill a critical gap in the burgeoning global digital asset market by providing globally accessible digital asset banking from the strategic global financial jurisdiction of Bermuda. At a critical time in the stablecoin market where certainty and true stability is needed with respect to stablecoins, Jewel Bank has innovated by making its bank the direct issuer of fully reserved one-to-one fiat-backed stablecoins issued against fiat deposits and regulated as a full bank. Chancellor Barnett, Co-Founder, Chief Strategy Officer and Chairman of Jewel Bank said: "We are delighted to have partnered with Walkers on this matter and are grateful for their invaluable support and assistance throughout the process".Walkers (Bermuda) Limited was led by partner Natalie Neto working in concert with senior counsel Rachel Nightingale. Primary Contacts BERMUDANatalie NetoPartnerT +1 441 242 1533natalie.neto@walkersglobal.comRachel NightingaleSenior CounselT +1 441 242 1520rachel.nightingale@walkersglobal.com
