The government of Bermuda has announced its intention to stimulate the development of the crypto business.
According to the head of the Ministry of Economy Jason Hayward, companies will come to the local market thanks to comfortable tax conditions. This island nation has been developing the blockchain industry since 2017.
The fall of the market will in no way interfere with the development of business and the formation of Bermuda as a crypto-hub, the official emphasized. On the contrary, the time of low prices for cryptocurrencies creates conditions for industry optimization and the formation of the most effective development models.
Trending: Exchange Kraken will stop serving Russian users
The Bermuda Monetary Authority (BMA) has already granted 14 licenses to crypto companies.
Among them are such giants as Bittrex, Circle, and BlockFi. They can legally work in the region and pay taxes.