Amidst the current volatility in the cryptocurrency market, Bermuda is banking on its clarity surrounding digital asset legislation to attract more crypto projects and companies.
Bermuda is one of the few countries in the world that has implemented a complete framework governing cryptocurrencies, according to a report by The Wall Street Journal published on June 3.
Bermudan officials believe that their expertise in international commerce, which accounts for around 27% of the island’s GDP, together with a skilled local workforce, translate into a basis for the creation of a strong digital-assets sector on the island.
In particular, Bermuda’s minister of economy and labor, Jason Hayward, said:
“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.”