A Turkey-based cryptocurrency venture, Ovis Communications, has announced that it is “establishing a presence in Bermuda to further develop its long-term growth plans”.

The Ministry of Home Affairs said that the company’s principals, Serbulent Arslan and Zubeyir Ozturk, along with associate Ozlem Fanning, met David Burt, the Premier, Wayne Caines, the Minister of National Security, and officials at the Bermuda Monetary Authority last week.

The group made an application to the BMA to incorporate an exempted company on the island. Mr Arslan said the company was “very pleased” with the island’s cryptocurrency regime.

He added Bermuda was “the right fit” for its business.

Mr Arslan said: “We plan to commit considerable resources to Bermuda.”