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Bermuda is another country that has stepped forward and is now all set to create a crypto regulatory framework.
Bermuda strives to explore and attract more cryptocurrency-related projects, and firms who are passionate about this field and hold experience in it, all through maintaining this transparency.
With this positive attitude towards the crypto industry, Bermuda can join the countries that are leading the decentralized finance sphere.
Jason Hayward, Bermuda’s minister of economy and labor, quoted,
Bermuda’s minister of economy and labor, Jason Hayward stated that they are aware of the latest dip in the cryptocurrency prices and are still confident that it wouldn’t act as a barrier in the country’s path to becoming a crypto hub. “This industry downturn is likely to advance our goal and positively impact our long-term growth and role in this sector,” he added.
What Are The Obstructions Ahead Of Bermuda?
As per the regulators of the country, international businesses account for around 27% of its economy. Their local trained workforce is also part of it.
If Bermuda is successful in implementing the crypto regulations, it will become a significant part of the industry, like Liechtenstein and Malta.
It is also quite interesting that even after witnessing such volatility in the market, Bermuda is ready to embrace the evolving technology and currency.
Not only that, it is also quite confident about its move. It has been working for quite some time now to grow its financial sector and also explore the budding financial technologies such as cryptocurrencies
The unpredictable and volatile nature of the industry can act as a roadblock in a country’s venture into the crypto industry. Besides, 2022 didn’t prove to be a great year for crypto so far.
The recent Terra collapse left the market in a complete mess. Commenting on this, the regulators of Bermuda say that the country has experience with dealing with risk mitigation and also knows the significance of financial oversight.
The country has gotten this experience from being in the reinsurance and insurance industry. Therefore, as far as roadblocks are concerned there aren’t any immediate ones for Bermuda so far.
Moreover, there is an absence of red tape in Bermuda, which would make the regulatory framework an easy deal and will help blockchain companies to set up quickly and successfully.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
