Bermuda's Premier and Finance Minister, Edward David Burt, recently visited Washington, D.C. to discuss the need for universal standards for digital assets with U.S. lawmakers and government officials. The purpose of these discussions was to ensure that digital assets are regulated consistently and effectively across international borders. This step is crucial for creating a stable and secure environment for the growth of the digital asset industry.
Burt firmly believes that the future of finance is digital, and the recent collapse of the crypto exchange FTX in November 2020 has not deterred Bermuda from welcoming crypto companies. Bermuda, a self-governing territory with a parliamentary government, was one of the first places to implement a regulatory framework for digital assets. The territory is located just 915 miles away from The Bahamas, where FTX once operated before going bankrupt.
Burt declared that Bermuda's approach to regulation has been validated and that its rules will continue to be transparent and unchanging for any business. Bermuda's commitment to embracing the digital future of finance has attracted 17 licensed crypto firms to the island, and it has been pursuing its goal of becoming a cryptocurrency hub since 2017.
One of the latest developments in Bermuda's crypto sector is the release of its first stablecoin powered by the Polygon blockchain. Jewel Bank's stablecoin is pegged to the United States dollar and focuses on enabling real-time settlements. With these advancements, Bermuda is well on its way to becoming a leading player in the global crypto market.
During the meetings in Washington, D.C., Burt emphasized the importance of global regulators working together to provide clarity for emerging technologies. The discussions also covered topics related to Bermuda's finance and insurance sectors, highlighting the territory's determination to become a leading player in the global financial market.
Bermuda's natural beauty and attractive taxation policies have made it an ideal location for crypto firms. Despite the intense political pressure faced by Burt before FTX's failure, Bermuda remains committed to welcoming crypto companies to its shores and creating a stable and secure environment for the growth of the digital asset industry.
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