Bermuda Might Emerge As Digital Asset Hub, Says Minister of Economy

Bermuda’s Minister of Economy and Labor, Jason Hayward is of the opinion that the island has the ability to turn into a global center of the digital asset industry. The politician added that the domain should operate under a comprehensive regulatory framework so that investors might have more safety in events like the latest collapse of Luna/UST,

Bermuda’s Minister of Economy and Labor does not see the recent drop in the virtual currency market as an inherently unfavorable event. In his view, this might even help the island’s objective to turn into a digital currency hub.

He said,

“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 the authorities of Bermuda began opening their arms to the digital asset space in 2018. The government stood as an advocate of the crypto asset class even during the bear market in the year 2018, implying that this support might be preserved during the present drop.

However, the Minister suggests that establishing appropriate regulations is urgent due to the fall in of Terra’s native token Luna and its algorithmic stablecoin UST. Such supervision might limit future investors’ losses, he concluded.