Bermuda is now the latest to set up crypto-hub plans

ambcrypto.com:

Bermuda is the most recent jurisdiction to express a desire to be at the forefront of cryptocurrency legislation. It is presently planning to create a comprehensive and extensive crypto-regulatory framework.

Bermuda’s government is pressing ahead with its ambitious aspirations to become a cryptocurrency powerhouse. According to Bermuda’s Minister of Industry and Labor Jason Hayward, the small island state known for its stunning pink sand beaches and favorable taxation rules has been actively building its crypto-sector since 2017.

In an interview with the Wall Street Journal (WSJ), Hayward cited the economy’s and local regulators’ experience dealing with foreign companies as a crucial component in Bermuda’s ability to become a crypto-hub. 

“We are aware of the recent devaluation in the price of cryptocurrencies and remain confident that it does not threaten the island’s ability to become a crypto hub. This industry downturn is likely to advance our goal and positively impact our long-term growth and role in this sector.”

Bermuda, as one of the countries that has chosen to embrace digital assets, could become a leader in the decentralized finance arena. Because of the regulatory uncertainty, many businesses have second-guessed their decision to offer digital payment options. Bermuda might quickly become a crypto-center if this is taken care of.

Hayward does not see the recent drop in the crypto-market to be an intrinsically negative event. This, he believes, may even help the island’s ambition of becoming a digital asset center.

According to Crag Swan, the BMA’s Chief Executive, the Bermuda Monetary Authority (BMA) has issued a total of 14 licenses for crypto-businesses to operate out of the British island territory. Four of