Bermuda has sort to position itself within the cryptocurrency space as it is in a stage of completing a draft of what would soon become cryptocurrency regulations. The Bermudan Government believes that cryptocurrency is the future of exchange. In a statement, The minister of national security, Wayne Caines, described the proposed regulations a
“landmark legislation for Bermuda,” adding that “The emergence of new financial products and services created through the use of technology has opened new and exciting opportunities for entrepreneurs and businesses.”
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On Thursday, Mr Caines presented “Bermuda’s fintech strategy” to “more than 150 of Bermuda’s key business partners.” Mr Caines stated that the government “recognize[s] that there’s significant interest in virtual currencies and blockchain technology,” emphasizing Bermuda’s desire to “become a global leader in the fintech space.”
Although the Bermudan Government does not regard cryptocurrency as a legal tender, however The consultation paper defines “virtual currency [as] a digital representation of value that can be digitally traded,” adding that “such does not have legal tender status […] in any jurisdiction,” however, fulfills monetary “functions only by agreement within the community of users of the virtual currency.”