Kraken Secures Bermuda License to Offer Regulated Cryptocurrency Derivatives Trading

• Bermuda grants Kraken a permit for regulated cryptocurrency derivatives trading, featuring over 200 different contracts.
• With its comprehensive regulatory setup and advanced digital asset policies, Bermuda becomes a magnet for blockchain enterprises.

The renowned digital asset exchange, Kraken, has revealed that it obtained a regulatory nod from the Bermuda Monetary Authority. This allows Kraken to deploy its regulated derivatives exchange in the jurisdiction of Bermuda.

This strategic initiative not only consolidates Kraken’s standing in the international cryptocurrency arena but also provides its users with the option to partake in derivatives trading confidently and securely within a robust regulatory framework.

The platform in Bermuda introduced by Kraken now offers upwards of 200 contracts, encompassing both perpetual and pre-defined duration futures, ensuring that traders have access to around-the-clock derivatives trading options. Shannon Kurtas, Head of Trading at Kraken, articulated:

“The lion’s share of crypto trading volume is now represented by derivatives. Customers utilize these financial instruments to hedge with efficient capital utilization, gain exposure with cross-margin benefits, and explore income and arbitrage chances. Our goal is to ensure that users can effectively and securely trade derivatives, giving them more straightforward access to these multifaceted trading opportunities at a time where we foresee a surge in both the volume and the persistent interest in trading derivatives.”

Bermuda Enhances its Reputation as a Nexus for Cryptocurrency Business with Kraken’s Expansion

Kraken’s establishment in Bermuda signifies the allure of the nation as a hub for cryptocurrency operations. The jurisdiction’s precise regulations and endorsement of development in digital assets solidify its standing as the preferred choice for various market players.

Bermuda’s Monetary Authority is well-versed in the oversight of financial services, including those associated with cryptocurrencies, underscoring its credibility as a financial regulator.

Such an environment has not only enticed Kraken but has also drawn other key players in the cryptocurrency industry, such as Coinbase International and HashKey Global. These firms have also secured permissions for offering derivative trading services in Bermuda.

As enterprises progressively opt for Bermuda, its stature as a pivotal player for those in the digital assets space is reinforced. The country distinctly stands out among other territories, highlighting its commitment to innovation and cryptocurrency-friendly regulations.

Beyond expanding in Bermuda, Kraken has also cast its net into Europe. As covered by CNF earlier, Kraken completed the acquisition of the Dutch crypto broker BCM, positioning itself strategically ahead of the upcoming MiCA regulation in Europe.

Such strategic movements bolster Kraken’s footprint in the European market, extending its array of crypto services to several countries.