Bermuda Doubles Down on Crypto Despite Recent Market Turmoil
The island’s regulators aim to combine their international business expertise and a trained local workforce to become a digital-assets hub.
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.”