- The island nation offers clear and precise rules
- And the prime minister has become a frequent guest of crypto forums
The Bermuda archipelago is successfully moving towards becoming the new center of crypto business. This island nation has been developing the offshore insurance industry for years. Recently, American crypto projects have been massively moving here. And this is not surprising, since the regulatory environment in the US is becoming dark and turbulent.
There are already several crypto brands in Bermuda. So, Circle moved their headquarters here back in 2019. At the end of April, Coinbase received a license from the local regulator. In this regard, rumors began to circulate that the largest American crypto exchange is preparing a complete exit from the United States. But for now, the head of the company, Armstrong, hopes that he can find a common language with the US authorities.
In early May, Gemini registered a futures exchange under the jurisdiction of Bermuda. And it looks like we’ll be seeing more American brands here soon.
By the way, the Prime Minister of Bermuda, E. David Burt, often speaks on crypto forums. He recently stated that
“The race for regulation has begun around the world, and Bermuda has proven it can compete.”
Bermuda passed the Digital Asset Business Act in 2020. It requires all crypto companies to register with the BMA (local regulator) and comply with strict anti-money laundering and anti-terrorist financing laws. However, their laws are much more loyal than the rules in the US.
