The government of Bermuda has announced it intends to to stimulate the development of crypto business in the country.
According to Jason Hayward, the head of the Ministry of Economy, companies will come to the local market due to the comfortable tax conditions. This island state has been developing the blockchain industry since 2017.
He has said that the current market downturn will not prevent Bermuda from growing its business and becoming a crypto hub. On the contrary, the time of low prices for cryptocurrencies creates conditions for the optimization of the industry and the formation of the most efficient models of development.
The Bermuda Monetary Authority (BMA) has already granted 14 licenses to crypto-related companies, including BlockFi, Bittrex and Circle.