Bermuda Minister of Economy and Labor Jason Hayward said the country could become a crypto hub.
Pointing out that Bermuda can become a global hub for the crypto industry, Hayward stated that it should work for a comprehensive regulatory framework so that investors are minimally affected by events such as the collapse of LUNA.
The Minister said that he does not see the general decline in the crypto market as a negative event. According to him, this could contribute to the island’s goal of becoming a center of digital assets.
“We are aware of the recent devaluation of cryptocurrencies and are confident that this does not threaten the island’s potential as a crypto hub. The decline in the industry will advance our goal and positively affect our long-term growth and our role in the industry.”
Stating that the Bermuda authorities embraced the crypto industry in 2018, Hayward said that even during the bear market of the same year, the government defended these assets. .
According to David Schwartz, Head of Finance and International Cooperation, Bermuda is among the world’s leading countries in creating appropriate infrastructure and regulation for crypto businesses.
With legislation approved in 2018, it requires all crypto companies operating in Bermuda to obtain a license from the Bermuda Monetary Authority.
Bermuda Monetary Authority has approved 14 crypto firms, including Circle, BlocFi and Bittrex.
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