The Bermuda government is pushing on with its ambitious plans to become a cryptocurrency hub despite the massive market downturn in 2022.
The small island territory known for its pristine pink sand beaches and attractive taxation policies has been actively expanding its crypto sector since 2017, according to Bermuda’s minister of economy and labor, Jason Hayward.
He noted on June 3 that the government remains unfazed by the recent crash caused by the collapse of the Terra ecosystem in May, as the market has weathered many storms since 2017.
Speaking with the Wall Street Journal (WSJ), Hayward pointed to the experience of the economy and local regulators in dealing with foreign business as a key factor that will help Bermuda become a crypto hub. He also bullishly stated that the crash will not hamper its plans moving forward:
“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...
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