Guernsey Grants Licence to Bitcoin Life Insurance
Bitcoin Life, the trading name of Perpetual21, has received a full licence to operate as an international long-term life insurance company in Guernsey. Alongside the licence, the company has launched its first product, a Bitcoin-denominated whole-of-life, investment-linked insurance bond. This product is designed for long-term Bitcoin holders who want to pass their holdings on to future generations.
The policy allows clients to invest a single premium in Bitcoin or fiat currency and hold the entire policy value directly in Bitcoin. Policyholder protection and trust arrangements are provided by an independent, regulated trustee.
Insurance management and regulatory oversight is provided by Polo Insurance Managers, part of PoloWorks, a Marco Capital Group company. Guernsey-based BWCI provides trustee and actuarial services, with its actuarial team having supported product design and continuing to support regulatory reporting.
Peter Lane, founder and executive director of Bitcoin Life, says: 'We believe Bitcoin is a forever asset and, therefore, it needs a forever home.'
Mark Elliott, CEO of Polo Insurance Managers, adds: 'The successful launch of Bitcoin Life demonstrates how non-traditional assets can be incorporated into established insurance structures in a controlled and responsible way.'