The head of the government of the British island territory of Bermuda, a tax haven, stated that the island is open to receiving more cryptocurrency companies.
The head of government for the British island territory of Bermudaa tax haven, stated that the island is open to receiving more companies from cryptocurrencies.
“The future of finance is digital,” Prime Minister and Chancellor of the Exchequer Edward David Burt said during an interview with Bloomberg News. He believes that considerable benefits can still be gained from digital assets and Blockchain technology.
Bermuda is a self-governing territory with a parliamentary government and was one of the first places to put in place a regulatory framework for digital assets. The territory is near the Bahamas, where the now bankrupt FTX operated.
Burt reportedly faced intense political pressure prior to FTX’s failure, as the exchange chose the Bahamas over Bermuda to establish its headquarters.
According to him, the latest events in the cryptocurrency sector had a minimal impact on the territory thanks to its regulations. “I think that approach has been vindicated,” Burt said, adding that the regulations in Bermuda are clear and won’t change for any company.
According to Bloomberg, Burt met this week in Washington DC with US lawmakers and officials to discuss common rules for digital assets, as well as issues related to their financial and insurance sectors.
For the prime minister, global regulators must work together to bring transparency to the crypto market.
Currently some 17 cryptocurrency companies operate in Bermuda, which launched in 2022 an ambitious plan to be a global center of the sector.
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