Bermuda plans to become the largest cryptocurrency center in the world

Bermuda is betting on the clarity of its digital asset legislation. From now on, Bermuda banks will use a clear regulatory framework to attract even more crypto projects and companies.

The island country (which is actually owned by Britain and is one of its overseas territories) is one of the few in the world that has implemented a complete digital asset management system. Bermuda officials believe that the experience of international trade (which accounts for almost a third of the country’s total GDP), together with skilled local workers, can become the basis for the development of the cryptocurrency sector on the islands, and in the long run, help to become the largest crypto hub in the world.

The Ministry of Economy and Labor of Bermuda stated that they were aware of the recent devaluation of digital asset prices, but this did not shake their confidence in the island’s ability to become a crypto hub.

As a reminder, South Korea plans to create a Virtual Asset Surveillance Service following the Terra collapse in early May.