ECNETNews reports that Kraken has launched a new derivatives trading venue in Bermuda after receiving a license from the Bermuda Monetary Authority.
This major expansion allows Kraken, a prominent cryptocurrency exchange, to operate a new derivatives trading platform in Bermuda, following the approval of a digital asset business license. This strategic move comes in response to increasing regulatory scrutiny from the U.S. Securities and Exchange Commission, prompting firms like Kraken to explore offshore opportunities.
With the newly acquired BMA license, Kraken is set to offer a diverse array of crypto derivatives, including perpetual and fixed-maturity futures, while accepting various types of collateral such as fiat currencies and over 30 cryptocurrencies. This development is significant as derivatives play a pivotal role in crypto trading, enabling users to speculate or hedge against future asset values.
Kraken’s Expansion in Bermuda
Bermuda has emerged as a preferred hub for cryptocurrency businesses, thanks to its clear regulatory framework. Kraken joins other leading companies that have also secured BMA licenses, reinforcing Bermuda’s status as a key player in the global crypto landscape.
The new platform will facilitate continuous trading, catering to the 24/7 dynamics of the cryptocurrency market, and is designed to attract clients seeking a regulated environment with a comprehensive range of derivatives products.
