Bermuda Looks To Open A New Cryptocurrency-Friendly Bank Very Soon, Announced At Davos WEF
Bermuda Would Be Launching A New Crypto-Friendly Bank As Soon As Next Week
Bermuda is trying to offer crypto-friendly services to companies around the world. This is why the country decided to announce that it will be launching a crypto and blockchain friendly bank. The information was announced by Bermuda Premier David Burt during a conversation with the BBC journalist Priya Patel at the World Economic Forum in Davos, Switzerland.
Mr. David Burt commented about this:
“I’m proud to say that next week we’ll be making an announcement revealing that a bank will be set up in the county that will start accepting crypto and blockchain companies.”
There are several countries around the world that have been very open towards blockchain and cryptocurrencies but are struggling with banking partners. In general, these financial entities do not want to have contact with companies dealing with digital assets or blockchain technology.
For example, in Malta, which has very favourable positions regarding cryptocurrencies and blockchain technology, banks are hostile with crypto companies operating on the island. Although the island offers clear regulations and a friendly environment for crypto businesses to spread, some firms are giving up their plans to settle their operations in the country.
Bermuda became one of the most popular offshore financial centres. Now, there are other jurisdictions such as the US Marshall Islands that are trying to create a better regulatory framework for digital assets.
Switzerland, another destination for crypto companies and blockchain startups has been also struggling with banking institutions that are not so open towards cryptocurrencies. Although this is making it difficult for some companies, the Swiss government is already discussing the issue with financial institutions in the country.
In Chile, where there are some interesting startups and companies working with blockchain technology and digital assets, banks have been reluctant to offer services to these firms. Now there are some companies trying to find new banking partners to keep their operations.