Crypto's ongoing decline could actually aid Bermuda's goal to become a global hub of the digital asset sector.
Crypto’s ongoing decline could actually aid Bermuda’s goal to become a global hub of the digital asset sector.
Jason Hayward – Bermuda’s Minister of Economy and Labor – believes the island has the ability to turn into a global center of the cryptocurrency industry. On the other hand, the sector should operate under a comprehensive regulatory framework so that investors could have more protection in events like the recent collapse of Luna/UST, the politician added.
Hayward reminded that the authorities of Bermuda started opening their arms to the cryptocurrency space in 2018. The government stood as an advocate of the asset class even during the bear market in 2018, hinting that this support could preserve during the current decline.of Terra’s native token Luna and its algorithmic stablecoin UST. Such supervision could limit future investors’ losses, he added.
The BMA has given its green light to 14 crypto firms to operate on local soil, with some of the Notable enterprises being Circle, BlockFi, and Bittrex.When speaking of countries with a positive stance on the digital asset industry, Portugal and Gibraltar are worth mentioning. The former treats the asset class as a currency and does not impose VAT or other taxes on local investors. Most recently, the nation’s authorities dabbled with implementing such a tax but ultimately rejected the proposal.
The British Overseas Territory of Gibraltar is another example. It has a regulated cryptocurrency regime designed to protect businesses that deal with the asset class and is among the leaders in terms of blockchain adoption.its intentions to move its spot-trading operations there.
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