United States-based cryptocurrency exchange 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.

According to an April 19 blog post, 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, allows 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

An April 19 report from Forbes citing “a person close to the company” claimed Coinbase is planning to launch a derivatives exchange in Bermuda as soon as next week.

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 r

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Author: Luke Huigsloot

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