The increasingly stringent regulatory environment in the United States has prompted crypto companies to seek out jurisdictions with friendlier digital asset frameworks.
Bermuda is one such location that is gaining traction, as Coinbase recently obtained a monetary license to operate there.
Phil Berg, head of the corporate department at Otterbourg law firm, attested to the potential of Bermuda, noting that it could become the new Bahamas for crypto firms.
However, the irony of this development is that crypto was originally created to eliminate the need for trusted institutions, yet compliance with regulations has become essential.
Andrew Gordon, the managing attorney of the Gordon Law Group, pointed out that although enforcement is rising, regulations remain unclear.