Bermuda Could Emerge as a Crypto Hub, Minister of Economy Says

Jason Hayward, Bermuda’s Minister for Economy and Labor, believes that the island can become a global centre of cryptocurrency. The politician said that the sector should be governed by a comprehensive regulatory framework to ensure investors are protected in the event of events such as the recent collapse at Luna/UST.

Bermuda is safe from Crypto’s Crash

Jason Hayward, Bermuda’s Minister for Economy and Labor, doesn’t see the recent plunges in cryptocurrency markets as an inherently negative event. He believes that this could help the island achieve its goal of becoming a digital asset hub.

“We are aware that the cryptocurrency price has fallen and we remain positive that this will not affect the island’s potential to be a crypto hub.” This industry downturn will likely advance our goal and positively affect our long-term growth.

Hayward reminded us that in 2018, the authorities of Bermuda opened their doors to cryptocurrency. Hayward reminded that the government remained a champion of the asset class during the bear market in 2018 and suggested that they could continue to support it during the current decline.

The Minister said that proper regulations were urgently needed due to the collapse in Terra’s native token Luna, and its algorithmic stablecoin UST. He added that such supervision could help limit future investor losses.

Source: Bernews, Jason Hayward

David Schwartz, President of the Financial & International Business Association, stated that Bermuda is a leader in establishing crypto-business infrastructure and imposing the appropriate regulations. Local authorities have tightened anti-money laundering controls and monitored whether altcoins or bitcoin are involved in illicit transactions.

In 2018, legislation was passed that requires all cryptocurrency businesses in Bermuda to obtain a license from Bermuda Monetary Authority. The top financial watchdog on the island also oversees the domestic insurance and reinsurance industries.

The BMA gave its approval to 14 crypto companies to operate on local soil. Notable businesses include Circle, BlockFi and Bittrex.

Crypto Hubs Across the Globe

Portugal and Gibraltar should be mentioned when discussing countries that have a positive attitude to the digital asset sector. Portugal and Gibraltar treat the asset class like a currency, and do not impose VAT on local investors. The nation rejected the idea of a similar tax in the past.

Another example is Gibraltar, British Overseas Territory. It has a well-regulated cryptocurrency regime that protects businesses dealing with the asset class. This country is also a leader in blockchain adoption.

Huobi, the most prominent Chinese crypto exchange, announced its intention to relocate its spot-trading operations.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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