Bermuda Doubles Down on Crypto Despite Recent Market Turmoil
06/03 14:16
According to The Wall Street Journal, Bermuda, long known for its offshore insurance and reinsurance industry, is betting that its transparency around digital-asset regulation can help it attract more cryptocurrency projects and firms, despite the recent turmoil in crypto markets. “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,” said Jason Hayward, Bermuda’s minister of economy and labor. “This industry downturn is likely to advance our goal and positively impact our long-term growth and role in this sector.” Bermuda is one of the few jurisdictions in the world that has enacted a comprehensive framework regulating cryptocurrency, according to industry experts. The Bermuda Monetary Authority (BMA) has licensed 14 digital-asset companies, including four crypto companies in 2022, according to Craig Swan, the chief executive of BMA. The licensing requirements in Bermuda include prudential supervision that examines risk management, governance and cybersecurity, as well as compliance with anti-money-laundering and counterterrorism financing regulations, such as sanctions screening and transactions monitoring. The regulator also uses monitoring tools from blockchain analytics firm Chainalysis to help with its risk-based supervision.
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