GRVT Becomes World's First Regulated DEX With Bermuda Regulatory Approval

Cryptocurrency exchange GRVT has secured a Class M digital asset business licence from the Bermuda Monetary Authority (BMA), marking the first regulatory approval for a decentralised exchange (DEX).

The modified licence allows GRVT to operate as a digital asset derivative exchange provider under Bermuda's Digital Asset Business Act, pending completion of pre-operational requirements. The company plans to pursue a full class licence to launch its institutional derivatives DEX.

Hong Yea, co-founder and CEO of GRVT, said: "Bermuda is a pioneer in structuring and providing regulatory guidance for the digital asset market. Securing the license from the BMA reinforces our commitment to bridging decentralized finance and regulatory compliance. We've always believed compliance should be the foundation for crypto and DeFi, not an afterthought."

Bermuda's Premier E. David Burt said: "Bermuda is proud to be a leader in providing regulatory clarity to the digital finance sector. We are happy to see decentralized finance businesses like GVRT utilizing our digital asset regulations and congratulate them on successfully completing our licensing process."

GRVT is pursuing additional licences in multiple jurisdictions, including under the European Union's Markets in Crypto-Assets (MiCA) framework and with the Abu Dhabi Global Market.

Founded in 2022, GRVT operates a hybrid derivatives platform combining off-chain order matching with on-chain settlements. The company is not currently licensed by the Monetary Authority of Singapore and will begin Bermuda operations after meeting BMA pre-operational requirements.