Bermuda, long known for its offshore insurance and reinsurance business, is looking to add cryptocurrency to its list of specialties
WSJ’s Dion Rabouin explains why Wall Street is now betting big on crypto and what that means for the new asset class and its future. Photo composite: Elizabeth SmelovOur Morning Risk Report features insights and news on governance, risk and compliance.Bermuda is one of the few jurisdictions in the world that has enacted a comprehensive framework regulating cryptocurrency, according to industry experts.
for the wider adoption and further development of the industry. The crypto sector in the U.S. still lacks significant oversight and investor protections. President Biden in March signed an executive order that directs federal agencies to study digital currencies. The Financial Action Task Force, a Paris-based organization that sets anti-money-laundering law standards, said Bermuda has made significant improvements to its anti-money-laundering technical compliance regime and has enacted and amended several key regulations, according to its 2020 mutual evaluation. But FATF noted that there were challenges recovering the proceeds from illicit activities.
“They’ve got great rules and regulations and laws, but it’s all about the implementation at the end of the day,” he said.
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