Bermuda Remains Committed to Crypto Despite FTX Collapse
Bermuda's Premier and Finance Minister, Edward Burt, recently emphasized the importance of digital assets and blockchain technology for the future of finance.
He believes that despite the collapse of the crypto exchange FTX in the nearby Bahamas, Bermuda will continue to accommodate crypto companies. Burt stated that Bermuda has a regulatory framework for digital assets that is clear and will not change for any company. He believes that digital assets have significant potential benefits and that regulations are necessary to provide clarity for emergent technologies.
Bermuda’s Regulatory Framework
Bermuda is a self-governing territory with a parliamentary government that implemented a regulatory framework for digital assets before many other countries. According to Burt, this approach has been vindicated, and the recent events in the crypto industry have had a minimal impact on the territory. In 2022, Bermuda’s government accelerated its ambitious plans to become a cryptocurrency hub. The territory has been actively expanding its crypto sector since 2017 and currently has 17 licensed crypto firms operating in Bermuda.
Bermuda’s Meeting with U.S. Officials
Burt met with U.S. lawmakers and government officials in Washington, D.C., to discuss common standards for digital assets and topics related to the finance and insurance sectors. He believes that regulators around the world must work together to provide clarity for emergent technologies. Burt’s meeting with U.S. officials demonstrates Bermuda’s commitment to developing its crypto sector and to collaborating with regulators worldwide to ensure that digital assets are effectively and appropriately regulated.
Today, GBBC had the pleasure of hosting @BermudaPremier in Washington, D.C. as he shared how government, private sector, and regulators are working together to create clear, smart regulation around #blockchain & #digitalassets🇧🇲 pic.twitter.com/ABYEUMrRaJ
— Global Blockchain Business Council (GBBC) (@GBBCouncil) March 31, 2023
Jewel Bank’s Stablecoin
One of the latest crypto developments in Bermuda is Jewel Bank’s release of Bermuda’s first stablecoin powered by the Polygon blockchain. The stablecoin is designed to enable real-time settlements using a stablecoin with a one-to-one peg to the United States dollar. This development is significant because it demonstrates that Bermuda is actively seeking to innovate and stay ahead in the rapidly evolving world of digital assets.
READ MORE: Bitcoin’s Ups and Downs: A Look at Price Movements and Market Trends
Conclusion
Bermuda’s Premier and Finance Minister, Edward Burt, recently emphasized the importance of digital assets and blockchain technology for the future of finance. Despite the collapse of the FTX crypto exchange in the nearby Bahamas, Bermuda remains committed to accommodating crypto companies. Bermuda has a regulatory framework for digital assets that is clear and will not change for any company. The territory has been actively expanding its crypto sector since 2017 and currently has 17 licensed crypto firms operating in Bermuda. Burt’s meeting with U.S. officials demonstrates Bermuda’s commitment to developing its crypto sector and collaborating with regulators worldwide to ensure that digital assets are effectively and appropriately regulated. The release of Bermuda’s first stablecoin is an indication that the territory is actively seeking to innovate and stay ahead in the rapidly evolving world of digital assets.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
