The Bermuda government is still ready to welcome additional cryptocurrency firms to set up headquarters in the Bermuda region despite recent terrible industry crisis incidents.
According to Bloomberg, E. David Burt, the premier and finance minister of Bermuda, reported a number of benefits from digital assets and blockchain technology, calling it “the future of finance”.
Burt pointed out that the Bermuda government regulates a total of 17 licensed cryptocurrency firms in the region. Thus he is welcoming more firms as he believes that these crypto firms can provide a lot of benefits in making Bermuda a cryptocurrency hub.
According to Burt, Bermuda’s relationship with the crypto firm is still intact, despite several turmoils in the cryptocurrency market, including the collapse of the largest crypto exchange-FTX. This statement demonstrates that Bermuda’s rules and regulations are well and working in terms of the crypto market.
During the interview, Burt also expressed the intense political pressure just prior to the closure of Sam Bankman-Fried’s FTX, as Bermuda was abandoned by the exchange for its headquarters, and set up directly in the Bahamas.
The self-governing region was among the initial ones to create enforcement for digital assets. “The regulations are clear and aren’t going to be change for any company.”
Moreover, Burt added that “I think that approach has been Vindicated.”
In Washington, D.C., E. David Burt has met with lawmakers and Biden administration officials this week. In terms of regulators around the world working together to provide clarity for the growing digital assets and blockchain technology.
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