NEXT ‘Strongly Support’ Digital Asset Industry
NEXT Bermuda’s Digital Assets Industry Forum and its members said they “strongly support Bermuda and the continuous development of its Digital Asset industry.”
A spokesperson said, “Bermuda is the ideal home for Digital Asset businesses, which include but not limited to Exchanges, Insurers, Funds and Banks, which are committed to excellence and adhering to clear regulatory guidelines and standards.
“Our members specifically chose Bermuda to demonstrate that commitment through the prevention of financial crimes and misuse of their businesses to advance criminal intentions.
“The Digital Asset Business Act 2018 [DABA] licensees are dedicated to complying with and leveraging the strength of Bermuda’s regulatory regime and reputation to differentiate their organisations from others within the industry who are not actively taking such steps. Our members are focused on the long term vision of how digital assets will transform the global financial services industry and the role appropriate oversight has to play in its evolution.
“Bermuda continues to be well positioned to capitalise on the substantial growth that is occurring with the digitization of modern finance as one of the world’s top Financial Actions Task Force [FATF] standings for effectiveness and technical compliance to the global standards for anti-money laundering [AML] and anti-terrorist financing [ATF], combined with the pedigree and experience of the Bermuda Monetary Authority [BMA]. It is to be noted for clarity that Bermuda was not recently on the FATF grey list, nor recently removed from the FATF grey list, but instead leads as an example, via FATF publications, to other jurisdictions on its application of the FATF global standards.
“NEXT represents members who are predominantly licensed by the BMA to conduct business involving digital assets. Our members are committed to fulfilling Bermuda’s legislative requirements under the supervision of the BMA. Those requirements include implementing robust compliance regimes in-line with Bermuda’s AML/ATF and sanctions regime framework to ensure that bad actors have no place within our industry. Those requirements also include following code of practice guidelines to ensure protections for our clients regarding our operations alongside disclosure rules to ensure our clients are wholly aware of their relationship to our businesses and services.
“Bermuda has built a reputation as a jurisdiction that recognises the inherent risks of complex financial industries like insurance and digital assets, and works hard to mitigate those risks with a robust regulatory infrastructure that is continually adapting at pace with the rapid evolution of technology as an ecosystem within the greater picture.
“Cryptocurrencies, and digital assets in general, exist globally whether jurisdictions and industries unknowingly interact with them or not. There is much greater reputational risk to set this sector aside, than to be prepared to work with and regulate the sector.”
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