Despite the recent crypto market downturn, the government of Bermuda remains unfazed by the recent crash caused by the collapse of the Terra ecosystem in May and sees that the country has the potential to become a global cryptocurrency hub. Bermuda’s Minister of Economy Bullish on Crypto Speaking with the Wall Street Journal (WSJ), Jason Hayward, the Minister of Economy and Labor of Bermuda, stated that he doesn’t see the recent plunge in the cryptocurrency market as an obstruction to Bermuda’s plans to become a crypto hub. In fact, this could even be helpful to the island’s goal. Hayward told the WSJ: “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. This industry downturn is likely to advance our goal and positively impact our long-term growth and role in this sector.” Hayward mentioned that Bermuda started opening its arms to the cryptocurrency space even during the bear market in 2018, hinting that this support could preserve during the current decline. The minister, however, believes that establishing proper regulations is urgent due to the collapse of Terra’s native token Luna and its algorithmic stablecoin UST, adding that such supervision could limit future investors’ losses. According to 2018 legislation, all cryptocurrency companies in Bermuda must be licensed by the Bermuda Monetary Authority (BMA). Cur...
