Bermuda persists in developing digital-asset industry amid downturn, WSJ says

Bermuda is betting that its transparent digital-asset regulations will attract more cryptocurrency business amid recent market turmoil, the Wall Street Journal reported on Friday.

Bermuda, which has a comprehensive framework regulating cryptocurrency, is doubling down on its understanding of international business and a trained workforce to continue developing its digital-assets industry, the WSJ said. Bermuda’s approach comes as some crypto companies say regulatory uncertainty creates a barrier in many places.

“We are aware of the recent devaluation in the price of cryptocurrencies and remain confident that it does not threaten the island’s ability to become a crypto hub,” Jason Hayward, Bermuda’s minister of economy and labor, told the WSJ. “This industry downturn is likely to advance our goal and positively impact our long-term growth and role in this sector.”

A retreat from risky investments amid rising interest rates and high inflation has seen more than $1 trillion in digital money disappear since November, the WSJ noted.

About Author

Mike Millard has worked as an editor for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for more than two decades and now calls the Greek island of Corfu home. He is the author of three books.