During a meeting with the Global Blockchain Business Council (GBBC) in Washington, Bermuda’s Prime Minister and Minister of Finance, Edward Burt, announced that the government is open to collaborating with virtual asset service providers (VASPs), despite the collapse of several crypto companies in the past year.
Burt emphasized the need for regulations that protect the interests of both clients and crypto companies to regulate the digital asset industry.
However, he also confirmed that Bermuda is still willing to work with cryptocurrency companies, provided they comply with local regulators’ requirements.
Burt also highlighted the recent launch of Jewel USD (JUSD), a stablecoin pegged to the USD and powered by the Polygon blockchain, which is used by institutions for real-time settlement.
Additionally, Bermuda has been testing the Bermudian Dollar Token (BMDT) since 2020, which is pegged to the Bermudan dollar.
Despite the market drop caused by the FTX crypto exchange’s collapse, Bermuda’s Minister of Economy and Labor, Jason Hayward, expressed confidence that it will not prevent the islands from becoming a center for cryptocurrency development.
The Bermuda Monetary Authority (BMA) has already granted licenses to 14 cryptocurrency companies, with a third receiving regulatory approval in 2022.