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Several Small Countries and Territories Have Passed Laws, or Have Legislation in the Works, To Make Themselves More Welcoming To Cryptocurrency Companies (nytimes.com)

Posted by msmash on from the closer-look dept.

The race is on to become the go-to destination for cryptocurrency companies that are looking for shelter from regulatory uncertainty in the United States and Asia, the New York Times reports. From the report: In Malta, the government passed three laws on July 4 so companies can easily issue new cryptocurrencies and trade existing ones. In Bermuda this year, the legislature passed a law that lets start-ups doing initial coin offerings apply to the minister of finance for speedy approval. "We are 65,000 people, and 20 square miles, but we have a very advanced economy," the premier of Bermuda, E. David Burt, said in an interview at a cryptocurrency conference in May in New York, where he was trying to pitch companies on the island's charms. "We want to position Bermuda as the incubator for this industry."

The competition for cryptocurrency companies is part of a broader rush by governments to figure out how to approach a new industry that took on outsize prominence over the last year. Becoming a crypto center has many potential upsides, including jobs and tax revenue. But the drive to be a crypto nexus also comes with significant risk. Hackings and scams have followed the industry everywhere it has gone. They have been aided by the underlying technology introduced by Bitcoin, known as the blockchain, which was built to make it possible to send money without requiring approval from government agencies or existing financial institutions.

3 of 48 comments (clear)

  1. Advanced == offshore banking ... by Anonymous Coward · · Score: 5, Insightful

    We are 65,000 people, and 20 square miles, but we have a very advanced economy

    And by advanced economy, we mean most of their money comes from offshore baking and generally facilitating people hiding money from governments.

    Sounds like Bermuda is just trying trying to get a bigger slice of the shady-money pie.

    1. Re:Advanced == offshore banking ... by Nidi62 · · Score: 5, Insightful

      We are 65,000 people, and 20 square miles, but we have a very advanced economy

      And by advanced economy, we mean most of their money comes from offshore baking and generally facilitating people hiding money from governments.

      Sounds like Bermuda is just trying trying to get a bigger slice of the shady-money pie.

      To be fair they are just trying to open up to the whales of cryptocurrency: criminal groups, tax evaders, and repressive state regimes. You know, their usual customers. Every bank likes to diversify their services.

      --
      The only thing necessary for evil to triumph is for it to be pitted against a slightly greater evil
    2. Re:Advanced == offshore banking ... by LynnwoodRooster · · Score: 3, Funny

      And by advanced economy, we mean most of their money comes from offshore baking

      They must really suck at that. I mean I can find that other island baked goods - King's Hawaiian - everywhere, but those Bermuda baked goods are practically impossible to find!

      --
      Browsing at +1 - no ACs, I ignore their posts. So refreshing!