Bermuda’s Minister of Commerce says the country could become a crypto hub

Bermuda’s Minister of Commerce says the country could become a crypto hub

Bermuda Minister of Economy and Labor Jason Hayward said the country could become a crypto hub.

Noting that Bermuda can be a global hub for the crypto industry, Hayward stated that he should advocate for a comprehensive regulatory framework to ensure investors are minimally impacted by events such as the LUNA collapse.

The minister said that he does not see the general decline in the crypto market as a negative event. According to him, this could contribute to the island’s goal of becoming a hub for digital assets.

“We are aware of the recent devaluation of cryptocurrencies and are confident that this will not threaten the island’s potential as a crypto hub. The decline in the industry will advance our goal and positively impact our long-term growth and role in the industry.”

Hayward said that Bermuda authorities embraced the crypto industry in 2018 during the bear market of the same year the government defended these assets.

According to David Schwartz, Head of Finance and International Cooperation, Bermuda is among the world leaders in creating adequate infrastructure and regulation for crypto businesses.

With legislation passed in 2018, all crypto companies operating in Bermuda must obtain a license from the Bermuda Monetary Authority.

Bermuda Monetary Authority has approved 14 crypto companies including Circle, BlocFi and Bittrex.

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