Bermuda gives a thumbs up to its Crypto plans despite warnings from global standard-setting bodies

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The government of Bermuda is taking serious efforts to make the small island territory a crypto hub. The government says it has taken into consideration all possible variables including the recent market downturn in 2022.

The island territory also known for its taxation policies has been increasingly capitalizing on its crypto industry since 2017. Critics have raised several concerns about the ‘perfect combo’ for money launderers. However, Jason Hayward, the minister of economy and labour says with hope and ambition that the combo will do wonders for the island country.

The minister spoke with The Wall street journal, where he pointed out that his country’s local regulators are experienced in dealing with foreign entities. The economy will also play a major factor in determining Bermuda’s plans to become a crypto hub.

The minister said that the bear market is an opportunity for Bermuda to advance its goal and impact its long-term growth positively by taking an advantageous position right now.

A total of 14 crypto firms have been granted licenses by the Bermuda Monetary Authority (BMA) to operate out of the British island territory. Out of those, 4 were approved in 2022. However, Craig Swan, chief executive of the BMA said that the BMA will not accept anyone to set up in Bermuda. He said that they will choose quality over quantity.

When asked about the regulatory scene in Bermuda, the president of the Financial and International Business Association (FATF) David Schwartz, let the WSJ know that the Bermuda government has been gaining ground in its anti-money laundering initiatives starting around 2020, however, there was still work to be finished.

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