Meanwhile secures regulatory approval from BMA for full commercial licence

Meanwhile, the first and only life insurer operating entirely in Bitcoin (BTC), has received regulatory approval from the Bermuda Monetary Authority (BMA) to function as a permanent commercial long-term insurer.

This approval follows Meanwhile’s successful $19 million funding from two seed rounds in June 2023.

The company’s operating subsidiary, Meanwhile Insurance Bitcoin (Bermuda) Limited, is now a fully licensed long-term insurer. It is the first company to receive the BMA’s Class IILT License, a designation introduced in 2022 for innovative business models such as insurers operating in digital assets. The BMA believes this licence will “enhance liquidity and risk transfer efficiency” in the insurance industry.

This approval concludes an 18-month process in the Insurance Regulatory Sandbox. To qualify, Meanwhile had to establish and demonstrate effective governance, risk management, and compliance systems that met the BMA’s Solvency II-equivalent regulatory requirements.

To ensure robust governance, Meanwhile appointed independent directors with expertise in accounting, actuarial science, and technical fields. The company also established a comprehensive enterprise risk management framework and expanded its compliance operations.

Based in Bermuda, Meanwhile adheres to strict insurance regulations and operates alongside major international insurance companies and cryptocurrency firms like Coinbase International and The Block.

Zac Townsend, co-founder and CEO of Meanwhile, said, “This approval validates our innovative approach to life insurance and marks a significant milestone in our mission – allowing us to credibly make promises to our policyholders for decades to come.”

He added, “We are excited to continue innovating within the life insurance industry to bring solutions to the millions of participants in the digital asset economy.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.