Bermuda Makes Top Cryptocurrency News – The Royal Gazette

Updated: Jun 06, 2022 07:57

Bermuda is making headlines in cryptocurrency-centric publications, reposting parts of a Wall street newspapers island-centric story. headline their markets section with: “Bermuda seeks to expand crypto-friendly regulations to become digital asset hub.”

The leads their regulatory section with: “Bermuda persists in developing the digital asset industry during a downturn.” (Finance in Bold) leads with Cryptocurrency News: “Bermuda Banks on Clear Regulatory Framework to Attract More Crypto Businesses.”

The WSJ The article, which originally broke before markets opened on Friday, appears to have been generated from the recently concluded 2022 Bermuda Executive Forum in New York, led by the Bermuda Business Development Agency.

Said finbold“Amid the current volatility in the cryptocurrency market, Bermuda is banking on its clarity around digital asset legislation to attract more crypto projects and businesses.

“Bermuda is one of the few countries in the world with a comprehensive framework governing cryptocurrencies…”

“Bermudan officials believe their expertise in international trade, which accounts for around 27% of the island’s GDP, along with a skilled local workforce, translates into the creation of a digital asset sector. solid on the island.”

The block says, “Bermuda, which has a comprehensive cryptocurrency regulatory framework, is doubling down on its understanding of international trade and a skilled workforce to continue to develop its digital asset industry, the WSJ said.

“Bermuda’s approach comes as some crypto firms say regulatory uncertainty is creating a barrier in many places.”

They quote Jason Hayward, Minister of Economy and Labor of the WSJ article: “We are aware of the recent devaluation in the price of cryptocurrencies and remain confident that it does not threaten the island’s ability to become a crypto hub.

“This industry downturn is likely to advance our focus and positively impact our long-term growth and role in this sector.” says, “Many countries around the world are embracing cryptocurrency and want to be at the forefront of a growing industry. Bermuda is the latest to step in by establishing a comprehensive cryptocurrency regulatory framework.

“It’s one of the few countries to have done so, which could establish it as a forerunner in the decentralized financial world.”

The WSJ said all of this puts Bermuda in competition with other jurisdictions vying for a share of the crypto industry, such as Malta and Liechtenstein.

“Mr Hayward said the island had grown its fintech and crypto industries since 2017 and persevered through the last downturn in 2018.

“He said the recent collapse of Terra and Luna has highlighted the importance of risk monitoring and mitigation, which Bermuda has a track record of as a hub for insurance and reinsurance.

“Bermuda’s approach to attracting crypto businesses stems from the fact that many crypto businesses say regulatory uncertainty remains a barrier to wider adoption and further industry development.

“The U.S. crypto sector still lacks significant oversight and investor protections. President Biden signed an executive order in March directing federal agencies to study digital currencies.

“Observers are not surprised that Bermuda wants to establish itself as a crypto hub. David Schwartz, President of the Financial & International Business Association, said Bermuda is leading the way in building infrastructure for the crypto industry, adopting a comprehensive digital asset regulatory framework and strengthening its anti-money laundering controls.

“The Financial Action Task Force, a Paris-based organization that sets the standards for anti-money laundering legislation, said Bermuda has made significant improvements to its anti-money laundering technical compliance regime and has enacted and amended several key regulations, according to its 2020 Mutual Evaluation.

“But the FATF noted that there were difficulties in recovering the proceeds of illicit activities.

“Mr. Schwartz added that it remains to be seen how regulators in Bermuda intend to oversee and review crypto companies.”

“They have great rules, regulations and laws, but it all depends on the implementation at the end of the day,” he said.

Jason Hayward: Minister of Economy and Labor (file photo by Blaire Simmons)

Jennifer C. Burleigh