The dramatic collapse of FTX last November is not keeping Bermuda from receiving more crypto companies, the head of the British island territory’s government said during an interview with Bloomberg News.
“The future of finance is digital”, said the Prime Minister and Minister of Economy, Edward David Burt, who believes that considerable benefits can still be made 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 just 915 miles from 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.
Today, GBBC had the pleasure of hosting @BermudaPremier in Washington, DC as he shared how government, private sector, and regulators are working together to create clear, smart regulation around #blockchain & #digitalassets pic.twitter.com/ABYEUMrRaJ
— Global Blockchain Business Council (GBBC) (@GBBCouncil) March 31, 2023
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. In his opinion, regulators around the world “must work together” to bring clarity to emerging technologies.
Since 2022, the Bermuda government has pushed forward with its ambitious plans to become a cryptocurrency hub. The island, known for its natural beauty and attractive tax policies, has been actively expanding its crypto sector since 2017. According to Burt, 17 licensed cryptocurrency companies currently operate in Bermuda.
Among the latest cryptocurrency developments in the territory, Jewel Bank launched Bermuda’s first stablecoin powered by the Polygon blockchain in December, focused on enabling real-time settlements using a stablecoin with a one-to-one peg to the US dollar.
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