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And the cryptocurrencies are hardly stable, with the prices of most having plunged in 2018 after skyrocketing last year. 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. Hackings and scams have followed the industry everywhere it has gone. Becoming a crypto center has many potential upsides, including jobs and tax revenue.īut the drive to be a crypto nexus also comes with significant risk.
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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. “We want to position Bermuda as the incubator for this industry.”
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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.
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“We are 65,000 people, and 20 square miles, but we have a very advanced economy,” the premier of Bermuda, E. In Bermuda this year, the legislature passed a law that lets startups doing initial coin offerings apply to the minister of finance for speedy approval. In Malta, the government passed three laws July 4 so companies can easily issue new cryptocurrencies and trade existing ones. In small countries and territories including Bermuda, Malta, Gibraltar and Liechtenstein, officials have recently passe laws, or have legislation in the works, to make themselves more welcoming to cryptocurrency companies and projects. Now 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. And online poker companies often set up their bases in Gibraltar and Malta. Big companies are generally domiciled in Delaware. SAN FRANCISCO: Hedge funds go to the Cayman Islands to incorporate.