Bitcoin Life, the trading name of Perpetual21, receives a full licence to operate as an international long-term life insurance company in Guernsey. Alongside the licence, the company launches its first product, a Bitcoin-denominated whole-of-life, investment-linked insurance bond aimed at long-term Bitcoin holders who want to pass their holdings on to future generations. Clients invest a single premium in Bitcoin or fiat currency and can 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. Digital asset custody and trading is provided by BitGo Europe, a subsidiary of BitGo Holdings, and Carey Olsen provided legal assistance. Peter Lane, founder and executive director of Bitcoin Life, says: “We believe Bitcoin is a forever asset and, therefore, it needs a forever home.” Lane adds: “It means that Bitcoin can now sit inside a fully-regulated, international insurance company, giving families the opportunity to include Bitcoin in their trusted estate planning tools. That opportunity simply didn't exist in this format before as the industry framework pre-dates Bitcoin.” Mark Elliott, CEO of Polo Insurance Managers, says: “The successful launch of Bitcoin Life demonstrates how non-traditional assets can be incorporated into established insurance structures in a controlled and responsible way. Bitcoin Life combines Bitcoin exposure with a familiar life insurance framework, and our role is to ensure that this is delivered within a robust and well-governed structure.”
