Crypto Firms Licensed In Bermuda Are Forming An Industry Association

Licensed crypto firms in Bermuda are in a process to form the jurisdiction’s first digital asset industry association, according to Premier David Burt.

Burt said in a statement:

“The formation of Bermuda’s first trade association for licensed digital asset businesses is a significant milestone in the development of Bermuda’s fintech industry.”

According to Burt, crypto companies are not seeking regulatory changes because Bermuda has regulatory clarity. It’s more about how can they support the growth support the development, support educational initiatives to improve the environment.

Bermuda has been working to establish itself as a digital asset hub. Last year they piloted a digital dollar last year, and approving a license for its first digital asset bank, Jewel, on Tuesday. Bermuda is moving forward with its vision to build a comprehensive crypto ecosystem.

The association called ‘Next’ currently consists of 14 digital asset companies that have been licensed by the Bermuda Monetary Authority (BMA), including Apex Group, Bittrex, BlockFi, Circle and Jewel.

The mission of the association is to help shape the British Overseas Territory’s digital asset legislation and support initiatives to enhance its digital asset ecosystem.

Tim Reed, a member of Next’s co-founder committee wrote:

“Digital asset companies seek Bermuda’s regulatory jurisdiction because of its proven track record where there is a single regulator that does not move the goal post on companies.”

According to Reed, Next plans to help shape legislation around specific issues, such as taxes or stablecoins, on a case-by-case basis. He said that Next has already completed its first session with the BMA and was allowed to provide real-time feedback before a policy on “Operational Cyber Risk Management and Custody Code of Practice” was finalized.

Reed concluded: