- The island state offers clear and precise rules
- And the prime minister has become a frequent visitor to crypto forums
The island of Bermuda is well on its way to becoming the new center of the crypto business. This island nation has been developing an offshore insurance industry for years.
American cryptoprojects have been moving here en masse lately. And it’s no surprise, since the regulatory environment in the U.S. is getting dark and tumultuous.
Bermuda already has several crypto-brands. So, Circle moved its headquarters here back in 2019.. In late April, Coinbase received a license from the local regulator.
In this regard, rumors began to circulate that the largest U.S. cryptocurrency exchange is preparing a complete withdrawal from the U.S.
But for now, Armstrong’s head hopes he can find common ground with U.S. authorities. In early May, Gemini registered a futures exchange under the jurisdiction of Bermuda.
And it looks like we’ll be seeing even more American brands here soon. Bermuda’s Prime Minister, by the way, E.. David Burt often speaks in crypto forums.
He recently said that
“The race to regulate has begun in the world, and Bermuda has proven it can participate.”
In 2020, Bermuda passed the Digital Asset Business Act.
It requires all cryptocurrency companies to register with the BMA (local regulator) and comply with strict anti-money laundering and anti-terrorist financing laws.
However, their laws are much more lenient than those in the U.S.