Bermuda welcomes crypto companies
Thanks to their regulatory framework, Bermuda strive to become a hub in the crypto ecosystem† Anyway, this is what Jason Hayward, the Secretary of the Economy and Labor, told the Wall Street Journal:
Bermuda is well positioned to become a leading place of business for digital asset companies as a result of the enactment of the Digital Asset Business Act (DABA).
Appropriate regulations make Bermuda more attractive to do business. https://t.co/HgMDhw55e2
—Jason Hayward (@MPJasonHayward) June 3, 2022
Despite falling prices, Jayson Hayward has no doubts that the archipelago will play a role in the blockchain industry:
“We are aware of the recent devaluation of the cryptocurrency price and remain convinced that it does not threaten the island’s ability to become a crypto hub. This delay […] likely to advance our target and positively impact our long-term growth […]† †
Local regulators tell their know-how in international traderepresenting 27% of the island’s economy, gives them a predisposition to be recognized in our ecosystem.
By the way, minister says Bermuda is developing its crypto skills since 2017 and persevered through the fall that followed. The recent events of Terra (LUNA) reinforce Jayson Hayward’s conviction about the need for relevant regulation.
👉 To continue – Find our guide to buying your first cryptocurrencies
Regulations hailed by the FATF
If in collective thinking the archipelago is often associated with a tax haven, its legal clarity rather offers a attractive argument for blockchain companies† The Financial Action Task Force (FATF), which sets standards to which governments can refer to fight money laundering, applauds their work.
Conversely, if improvements remain to be made to identify illegal transactions, the FATF notes: substantial improvement of Bermuda within their regulatory framework.
This framework was founded in 2018 by the Bermuda Monetary Authority (BMA) and now has 14 registered companies, including four this year. For example, we can mention Circle, which issues the stablecoin USDC and the centralized lending and borrowing platform BlockFi.
This registration process breaks down into 3 steps, namely a trial license, a so-called modified license and a full license. During this progressive process, the government can therefore assess the seriousness of the candidates.
Indeed, if the archipelago wants to shine in our ecosystem, the BMA does not intend to accept anyone, for that it is necessary meet the quality requirements† Therefore, it offers online training so that blockchain companies can understand the expectations of regulation.
Like Dubai and other regions of the world, Bermuda is now publicly taking on its ambitions become a crypto hub†
👉 Also in the news – PSAN: the AMF publishes new stricter conditions to be met
Source: The Wall Street Journal
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