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Bermuda plans to become the largest cryptocurrency center in the world

Bermuda relies on clarity in digital asset legislation. From now on, Bermuda banks will use a clear regulatory framework to attract even more crypto projects and companies.

The island nation (which is in fact owned by Britain and is one of its overseas territories) is one of the few in the world to have 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 GDP) together with skilled local workers can be the basis for the development of the cryptocurrency sector in the islands, and in the long run will help become the world’s largest cryptocurrency.

The Bermuda Ministry of Economy and Labor said it was 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.

It will be recalled that due to the collapse of Terra in early May, South Korea plans to establish a Virtual Asset Monitoring Service.

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