The NEXT Bermuda Digital Asset Industry Forum and its members said they “strongly support the continued development of Bermuda and its digital asset industry.”
“Bermuda is an ideal home for digital asset businesses including, but not limited to, exchanges, insurance companies, funds and banks that are committed to excellence and adhere to clear regulatory guidelines and standards,” the spokesperson said. is.
“Our members chose Bermuda specifically to demonstrate their commitment through business exploitation to prevent financial crime and further criminal intent.
“Digital Asset Business Act 2018 [DABA] Licensees are committed to complying with and leveraging Bermuda’s regulatory regime and reputation to differentiate themselves from other organizations in the industry that have not actively taken such measures. Our members focus on the long-term vision of how digital assets will transform the global financial services industry and the role that good oversight should play in that evolution.
“As one of the world’s leading Financial Action Task Forces, Bermuda remains well-positioned to capitalize on the tremendous growth that is occurring with the digitalization of modern finance. [FATF] Ranking of effectiveness and technical compliance with global anti-money laundering standards [AML] and anti-terrorism financing [ATF]combined with the pedigree and experience of the Bermuda Monetary Authority [BMA]To be clear, Bermuda has not recently been placed on the FATF Greylist nor has it been recently removed from the FATF Greylist, but instead, by way of example, via FATF publications, has provided information on the application of the FATF Global Criteria. Please note that this may lead to other jurisdictions.
“NEXT represents members primarily licensed by the BMA to conduct business involving digital assets. These requirements include implementing robust compliance regimes in line with Bermuda’s AML/ATF and sanctions regime framework to ensure that malicious actors are not present within the industry. These requirements also include following code of conduct guidelines to ensure client protection regarding our business, along with disclosure rules to ensure that our clients are fully aware of their relationship with our business and services. increase.
“Bermuda recognizes the risks inherent in complex financial industries such as insurance and digital assets, and works to mitigate these risks with a robust regulatory infrastructure that is continuously adapting as technology rapidly evolves. It has built a reputation as a jurisdiction that works hard to create an ecosystem in the bigger picture.
“Cryptocurrencies, and digital assets in general, exist all over the world, whether jurisdictions or industries unknowingly interact with them. , there is a much greater reputational risk to leaving this sector aside.”
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