“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 Bermuda’s Minister of Economy and Labor Jason Hayward.
The Bermuda government is pushing on with its ambitious plans to become a cryptocurrency hub despite the massive market downturn in 2022.
The small island territory known for its pristine pink sand beaches and attractive taxation policies has been actively expanding its crypto sector since 2017, according to Bermuda’s Minister of Economy and Labor Jason Hayward.
He noted on Friday that the government remains unfazed by the recent crash caused by the collapse of the Terra ecosystem in May, as the market has weathered many storms since 2017.