Bermuda Provides Favorable Crypto Regulations Amid Crackdown by US

Bermuda has made a strong push to become a hub for cryptocurrency exchanges and businesses, with the island nation now regarded as a pro-innovation leader in digital-asset regulation. Bermuda has established a clear regulatory framework and guidelines for digital asset custodians and virtual currency exchanges, while the island is also one of the few jurisdictions worldwide that has enacted a comprehensive framework regulating cryptocurrency. Having passed the Digital Asset Business Act, which requires all digital asset businesses operating in Bermuda to register with the Bermuda Monetary Authority (BMA) and comply with strict anti-money laundering and anti-terrorism financing laws, Bermuda has attracted several high-profile crypto ventures, including Circle and Binance. Regulatory uncertainty has caused some firms to choose Bermuda over other jurisdictions. Bermuda’s focus on transparency and regulation with favorable tax policies and a well-established financial services industry could continue to aid in attracting high-profile crypto projects and firms.