WSJ Highlight Bermuda’s Digital Assets Plans

June 5, 2022 | 0 Comments

The Wall Street Journal has highlighted the island’s plans regarding digital assets, noting that “the island’s regulators aim to combine their international business expertise and a trained local workforce to become a digital-assets hub.”

The story said, “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.

“Bermuda is one of the few jurisdictions in the world that has enacted a comprehensive framework regulating cryptocurrency, according to industry experts. Bermudan regulators say that their understanding of international business, which accounts for about 27% of the island’s economy, along with a trained local workforce, translate into a base for the development of a thriving digital-assets industry on the island. That puts Bermuda in competition with other jurisdictions vying for a share of the crypto industry, such as Malta and Liechtenstein.

“Observers aren’t surprised that Bermuda wants to establish itself as a crypto hub. David Schwartz, president of the Financial & International Business Association, said Bermuda is leading the way in establishing an infrastructure for the crypto industry, passing a comprehensive framework for regulating digital assets and tightening up its anti-money-laundering controls.”

Read the full story here on the Wall Street Journal website.

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