Bermuda on track to be a crypto hub

The Government of Bermuda is pursuing its plans to transform the island into a regional cryptocurrency hub.

This comes despite the sharp downturn in the value of cryptocurrencies which have been plagued by the lasting impact of the Luna and TerraUSD crash a few weeks ago.

The small territory is staying consistent with its efforts to earn a reputation as a blockchain hub, with Bermuda’s minister of economy and labor Jason Hayward having stated these ambitions way back in 2017.

The Terra ecosystem’s crash will definitely lead to adjustments in those plans, but they are happening, nevertheless.

In a recent interview for the Wall Street Journal, Hayward said that Bermuda has already amassed a considerable experience dealing with various businesses that are interested in making sure that it can succeed on its mission to be a crypto hub.

He said: “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.”

But just because the industry saw a rapid decline in prices doesn’t mean that Bermuda will be affected – at least not adversely. In fact, Hayward believes that the entry-cost to becoming a crypto hub will now be adjusted to reflect the new realities, meaning a lower bar overall.

Presently, the Bermuda Monetary Authority (BMA) has granted 14 total licenses granted to various companies that deal with crypto.

In the long term, BMA chief executive Craig Swan wants to make sure that Bermuda has a reputation for doing crypto business right and this means that only licensed operators will be allowed to operate.

If you want to explore cryptocurrencies yourself, you need not go to Bermuda. You can simply jump in and play at 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 06/06/2022 — 13:00