Report: ‘Crypto Companies Turning To Bermuda’

May 13, 2022 | 0 Comments

“As crypto companies face growing scrutiny from policymakers in the US, they are increasingly turning to friendlier and less bureaucratic jurisdictions like Bermuda to grow their businesses and test new products,” according to a report from Bloomberg.

The story said, “The self-governing British territory was one of the first places to establish a regulatory framework for digital assets — a puzzle that large countries like the US still haven’t solved. The island has the ability to be more nimble because it has a single regulator, compared to the many agencies that have input over crypto oversight in the US.

“This, plus the fact that the local officials have embraced the industry, has made it an attractive destination for businesses, especially as countries like the US are ramping up enforcement against crypto firms. The US Securities and Exchange Commission is already probing a number of companies for potentially offering unregistered securities and recently announced plans to beef up a team dedicated to policing digital assets. Lawmakers like Democratic Senators Elizabeth Warren and Sherrod Brown are also eager to rein in the market.

“It’s wonderful to work with one regulator and have that freedom to have an active dialogue in an environment that supports innovation,” Kristin Boggiano, president and co-founder of digital asset exchange CrossTower Inc said of Bermuda. The company is headquartered in New Jersey but has an office on the island.

“Boggiano, who spoke to Bloomberg News in an interview, said companies can go to Bermuda to test their products and gather data that they can then bring back to US regulators when they’re ready.

Read the full story here on the Bloomberg website.

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