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.

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“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.