U.S. crypto firms set sail to Bermuda amid dark and stormy US regulatory environment
As the regulatory environment in the U.S. grows dark and stormy, American crypto companies are looking east to Bermuda and its friendlier digital asset framework. The renewed interest in crypto frameworks outside of the United States is a reaction to the country’s key regulators cracking down on crypto firms, and Congress moving slowly to establish new rules for the industry. The Securities and Exchange Commission has targeted crypto companies.
Bermuda has spent the last five years building and fine-tuning its digital asset framework since enacting the Digital Asset Business Act, which established a licensing regime for issuing, selling or redeeming digital assets, operating as a payment service provider business using digital assets and operating as an electronic exchange, among other endeavors. Since that time, Bermuda has granted licenses to crypto companies including Block and its subsidiary Cash App, along with Circle, the Boston-based issuer of the USDC stablecoin. Burt himself is active in the crypto space, attending conferences like the Satoshi Roundtable in Dubai.