Bermuda Premier David Burt: 'Nobody Is Coming to Bermuda to Flee Regulation'

Five years after the island jurisdiction passed its digital assets regulation, a steady stream of companies is coming to Bermuda because of its clear regulation.

AccessTimeIconApr 28, 2023 at 8:23 p.m. UTC
Updated Apr 29, 2023 at 12:41 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

AUSTIN, Texas – Bermuda’s prison has a spectacular ocean view, but digital asset companies aren’t setting up shop so their executives can see the inside of it, the island’s Premier said on stage at the Consensus 2023 festival.

“Bermuda is an excellent place to raise capital, but a terrible place to hide it,” David Burt said. “Yes, our prison does have an ocean view, but it’s still a prison. I promise that you won’t enjoy your stay.”

Burt said that, unlike some jurisdictions around the world, Bermuda has the regulatory clarity that companies in the digital asset space require – and have also been seeking.

Bermuda created one of the world’s first digital assets regimes with the Digital Asset Business Act 2018. The island nation currently has three types of licenses that begin with a “T” license for firms doing testing, an “M” license for firms looking to expand operations, and an “F” license for mature companies.

Coinbase, for instance, recently applied for a digital assets license in Bermuda. In the United States, it has asked a U.S. court to compel the Securities and Exchange Commission (SEC) to create a rulebook for crypto while also complaining that the SEC is alleging legal violations “on the fly.”

“We have very firm regulation, very tough regulation, but it is the fact that we have regulatory clarity. We know what a digital asset is … as it’s clearly spelled inside of our law,” Burt said.

“That is something that I think companies appreciate, and I think that's why companies are coming to our shores,” he said.

Edited by James Rubin.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.