According to the leader of the British island territory’s government, during an interview with Bloomberg News, Bermuda is not shying away from receiving cryptocurrency companies despite the catastrophic failure of the cryptocurrency exchange FTX in November of last year.
Edward David Burt, who is both the premier and the minister of finance, feels that there are still significant benefits to be achieved from digital assets and blockchain technology. He stated that “the future of finance is digital,” and he also believes that this statement.
Bermuda is a self-governing territory that operates under a parliamentary form of government. It was one of the first locations in the world to create a regulatory framework for digital assets. The region is only 1,475 kilometers away from The Bahamas, the location of the former operations of the FTX, which are now defunct.
According to reports, Burt was subjected to severe political pressure prior to the failure of FTX because the exchange decided to locate its headquarters in The Bahamas rather than Bermuda. According to him, the recent happenings in the cryptocurrency business had very little of an effect on the territory as a result of the rules that were in place. Burt stated, “I think that approach has been validated,” and went on to say that the regulations in Bermuda are clear and that they won’t alter for any corporation.
This week in Washington, D.C., Bloomberg reports that Burt met with members of Congress and officials from the United States administration. to address common standards for digital assets, as well as themes connected to the banking and insurance industries relating to digital assets. He is of the opinion that governing bodies all around the world “must collaborate” in order to provide direction for developing technologies.
Since 2022, the government of Bermuda has been making significant progress toward achieving its lofty goals of becoming a cryptocurrency centre. According to Cointelegraph, the island, which is well-known for its natural beauty and favorable taxation rules, has been working diligently to build its cryptocurrency sector since 2017. According to Burt, there are already 17 crypto businesses that have been granted licenses to operate in Bermuda.
Jewel Bank launched Bermuda’s first stablecoin in December, powered by the Polygon blockchain. The company’s primary objective was to facilitate real-time settlements utilizing a stablecoin that was pegged to the value of the United States dollar on a one-to-one basis. This represents one of the most recent developments in the realm of cryptocurrencies.