2 months ago 2 min read

Bermuda Still Open To Crypto Firms

bermuda's government-bloomberg-ftx-edward burt

Bermuda's Edward Burt is said to have met with US lawmakers and government officials in Washington, D.C. this week. to talk about digital asset standards.

Based on the head of the British island territory's government in an interview with Bloomberg News, the dramatic collapse of crypto exchange FTX last November has not deterred Bermuda from accepting crypto companies.

"The future of finance is digital."

...said Premier and Finance Minister Edward David Burt, who believes digital assets and blockchain technology can still provide significant benefits.

Bermuda is a self-governing territory with a parliamentary government that was among the first to establish a regulatory framework for digital assets. The territory is only 915 miles from The Bahamas, where the now-defunct FTX used to operate.

Burt reportedly faced intense political pressure prior to FTX's failure because the exchange chose The Bahamas as its headquarters rather than Bermuda. According to him, the recent events in the cryptocurrency industry had little impact on the territory due to its regulations.

"I believe that approach has been vindicated."

...Burt said, adding that Bermuda's regulations are clear and will not change for any company.

Burt met with US lawmakers and government officials this week in Washington, D.C., as per Bloomberg. to discuss common standards for digital assets, as well as issues concerning its finance and insurance sectors. He believes that regulators worldwide "must collaborate" to provide clarity for emerging technologies.

Bermuda's government has been pushing its ambitious plans to become a cryptocurrency hub since 2022. The island, known for its natural beauty and favorable tax policies, has been actively expanding its crypto sector since 2017. Burt said, there are currently 17 licensed crypto firms operating in Bermuda.

Among the most recent crypto developments in the territory, Jewel Bank launched Bermuda's first stablecoin powered by the Polygon blockchain in December, with the goal of enabling real-time settlements using a stablecoin with a one-to-one peg to the US dollar.

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