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Crypto Companies Are Turning to Bermuda as US Eyes Crackdown

  • Exec says island a good testing ground for new products
  • Less red tape makes Bermuda an attractive destination
Hamilton, Bermuda

Hamilton, Bermuda

Photographer: Lance Ikeda/EyeEm/Getty Images

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As crypto companies face growing scrutiny from policymakers in the US, they are increasingly turning to friendlier and less bureaucratic jurisdictions like Bermuda to grow their businesses and test new products. 

The self-governing British territory was one of the first places to establish a regulatory framework for digital assets -- a puzzle that large countries like the US still haven’t solved. The island has the ability to be more nimble because it has a single regulator, compared to the many agencies that have input over crypto oversight in the US.