The US pressure on crypto companies and its ambiguous attitude towards regulations led companies to head to the island country of Bermuda.
Island country located in the North Atlantic Ocean Bermuda, Recently, crypto money has started to be the favorite choice of companies. The two biggest reasons for this preference are the sector-specific nature of the USA. oppressive attitude and Bermuda’s cryptocurrency friend regulator policies seen as.
Among institutions that currently hold licenses to process cryptocurrencies in Bermuda Binance, Circle, block, Coinsquare and have completed their registration in the last weeks coinbase is located. Coinbase from the Bermuda Monetary Authority (BMA) derivatives exchange to serve the global crypto money community in line with the regulatory license obtained Coinbase International ExchangeHe announced that he had implemented the
Bermuda’s most important step in the framework of cryptocurrency regulation 2018 entered into force inDigital Asset Business Law“It happened. This law covering licensing and regulations for cryptocurrency businesses transparency, security And customer protection based on principles.
Based in New York, who made a statement to the global press about the interest in Bermuda. Otterbourg manager of law firm Phil BergHe made the following statements about the behind-the-scenes developments:
It really appealed to a jurisdiction with regulatory clarity, as regulators in the US penalize us by regulating through enforcement and refuse to make some sort of rule and not pass laws. It will definitely be a hot spot for businesses that choose to relocate. Like Coinbase, they can dip their feet in water.
Playing on top of regulations
Prime Minister of Bermuda E. David Burt In an interview at the Consensus 2023 conference in Texas, Bermuda is a proven country in the regulation race, and peak that you aim stated.
The Prime Minister described the treatment that the cryptocurrency industry has been subjected to in the United States.very unfortunateIn this case, a little in FTX He also stated that what happened had an impact:
Not everyone in Congress is unaware of what’s going on. There are some really good voices trying to get this job done. But as you know, this has a negative impact on what happened on the cryptocurrency exchange FTX.
Coinbase, the last cryptocurrency exchange to be licensed from Bermuda, is currently licensed by the U.S. Securities and Exchange Commission. (SEC) with a serious legal battle continues to give. Finally, Coinbase sought a clear answer from the SEC on how securities laws apply to crypto assets, and this request received support from key players.