Bermuda Continues to Welcome Crypto Firms Despite FTX Collapse
Bermuda’s government has been actively working towards becoming a cryptocurrency hub since 2017, and since 2022, it has pushed forward with ambitious plans to expand the sector even further. The island’s attractive taxation policies and natural beauty make it an appealing destination for crypto firms looking to set up operations in a favorable regulatory environment
17 licensed crypto firms were operating in Bermuda. The Premier of Bermuda, David Burt, confirmed in an interview with Bloomberg News that the island remained open to receiving crypto firms, despite the collapse of FTX, a crypto exchange, in November 2022.
Bermuda’s government has been actively seeking to attract cryptocurrency and blockchain businesses to the island, and has taken steps to create a regulatory framework that is supportive of the sector. In 2018, Bermuda became one of the first countries to introduce a regulatory regime for initial coin offerings (ICOs), and in 2020, it passed the Digital Asset Business Act (DABA), which regulates the activities of companies that provide services related to digital assets.