Coinbase has received a license to operate in Bermuda and is reportedly set to launch a derivatives exchange based there as soon as next week.
Coinbase revealed it had received our regulatory license to operate from the Bermuda Monetary Authority, the nation’s financial regulator.
The license, a Class F License under the Digital Asset Business Act, enables Coinbase to conduct a range of activities such as token sales and issuance. It also permits it to operate as both a digital asset exchange and as a digital asset derivatives exchange provider
Coinbase cited clear regulations as the reason why Bermuda was chosen as one of our financial hubs and explained its regulatory environment is long known for a high level of rigor, transparency, compliance, and cooperation.
Some from the crypto community believe the latest development could be the beginning of the end for Coinbase in the United States, as it came just a day after CEO Brian Armstrong disclosed at a fintech event in London that the exchange might consider leaving the U.S. due to a lack of regulatory clarity.
