Bermuda continues to be open to crypto firms despite the collapse of crypto exchange FTX last November, according to the head of the British island territory’s government Edward David Burt, who pointed to the immense potential of digital assets and blockchain technology. Burt believes that the regulations on the island are clear and won't change for any company, which has been proven by the fact that the latest events in the crypto industry had a minimal impact on the territory thanks to its regulations.

Recently, Burt met with U.S. lawmakers and government officials this week in Washington, D.C. to discuss common standards for digital assets, along with topics related to its finance and insurance sectors. He believes that regulators around the world must work together to provide clarity for emergent technologies.

Since 2022, Bermuda's government has been pushing its ambitious plans to become a major hub for cryptocurrency. The island is known for its attractive taxation policies and has since 2017 been developing its crypto sector to meet the demand of the industry. Today, the island hosts 17 licensed crypto companies such as Jewel Bank, which recently released what it called the first stablecoin powered by the Polygon blockchain in the country.

In an effort to promote the development of blockchain technology, Bermuda has established a comprehensive regulatory system for digital assets that puts in place the necessary control to ensure companies operating on the island meet the necessary standards while providing clarity for businesses. Moreover, with its wide acceptance of crypto companies, Bermuda has established itself as a top jurisdiction for crypto businesses. All of these efforts brings the country closer to becoming a crypto haven.



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