DAO-governed DerivaDEX ‘first’ decentralized derivative protocol to receive Bermuda Monetary Authority license
DerivaDEX, a DAO-governed decentralized derivatives platform, became the first such protocol to receive a license from the Bermuda Monetary Authority.Summary
DEX Labs CEO Aditya Palepu announced that the organization behind DerivaDEX, an institutionally-focused decentralized derivatives trading platform, has secured a license from the Bermuda Monetary Authority (BMA). This makes DerivaDEX the first DAO-governed decentralized derivative protocol to receive this regulatory approval, paving the way for its launch. Palepu noted the BMA is at the cutting edge, having previously licensed Coinbase's derivatives offering, but stressed that DerivaDEX is different as it is DAO-governed. The protocol, designed by veterans of DRW and Consensys, aims to bridge DeFi and TradFi by offering performance without custody risk and regulatory clarity, targeting institutional capital. The team has held off launching the core exchange product until obtaining the BMA license, which will enable a familiar KYC onboarding process under Bermudian law. The two-year licensing process involved participation in the BMA's Innovation Hub. Governance is ultimately held by the DAO, which includes the Cayman-based DerivaDAO Foundation and Deriva Bermuda LTD, ensuring that DEX Labs or any independent provider does not control the exchange.
(Source：The Block)