The Bermuda government has said it is keen to host virtual asset service providers (VASPs) despite a series of recent industry disruptions in the digital currency sector.
Bermuda Prime Minister and Minister of Finance Edward Burt disclosed This was in a meeting with U.S. officials in Washington on March 31, and his visit to Washington reaffirmed his country’s commitment to ensuring a strong framework to guarantee investor protection. said that it is
The finance minister added that global efforts remain important in regulating the digital currency industry, promoting “common standards” to provide clarity to all stakeholders. During his tenure in the U.S. capital, Bart was hosted by the Global Blockchain Business Council (GBBC), confirming the region is still open to digital currency companies despite the tragic incident that rocked the ecosystem. Did.
FTX’s implosion in November 2022 cast doubt on Bermuda’s ambitions to become a digital asset paradise, given its proximity to the Bahamas, the headquarters of the beleaguered FTX. Burt clarified that any business that fully meets the requirements of Bermuda’s regulatory agencies is welcome to set up a store in Bermuda.
“I think our approach was right,” Bart said, amid allegations that FTX ignored Bermuda due to lax regulations in the Bahamas.
As evidence that Bermuda is pushing ahead with its digital currency plans, Bert pointed to the recent launch of the first stablecoin released in the region called Jewel USD (JUSD). pegged to the US dollar and Polygon (NASDAQ: MATIC-USD) has been widely touted for enabling institutions to process real-time payments using a “Bermuda-based non-US solution.”
Despite plummeting prices, implosion and declining trading volumes, the Bermuda government has not abandoned its digital currency ambitions.
“We are aware of the recent decline in cryptocurrency prices and are confident that it does not threaten the island’s ability to become a cryptocurrency hub,” said Jason Hayward, Bermuda’s Minister of Economy and Labor.
Still Attracting International Players
Bermuda has one of the most stringent registration requirements in the Caribbean, yet the region continues to attract international digital asset service providers. The Bermuda Monetary Authority (BMA) has issued operating licenses to more than 14 companies, a third of which he will receive approval for in 2022.
Hayward said the reason for the close scrutiny is to prevent the proliferation of bad actors in the region and protect the interests of investors. It starts with a test license and ends with a full production license.
“So obviously the person we want in Bermuda has to be good and right, because essentially we’re looking to maintain a quality name for the jurisdiction,” Hayward said. I got
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