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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto.com gets nod in Dubai and FTX launches in JapanPopular crypto exchanges Crypto.com and FTX will each expand to new countries as Crypto.com secures a crypto license in Dubai, and FTX launches its service in Japan.
Read more »
ETH/USD trading pair attracts more traders in the first quarter of 2022: reportTraders still love ETH. The Ether to USD pair pulled the biggest number of traders from January to March 2022, according to trading platform capitalcom. (Reporting via ezrareguerra)
Read more »
Bitcoin Signals This Familiar Trend Typical of Bear Markets: DetailsBitcoin demonstrates this familiar trend typical of bear markets: details BTC Crypto cryptocurrencies Cryptocrash cryptocurrency CryptoNews
Read more »
Crypto Firms, Especially Exchanges, Slash Jobs as Market Rout ContinuesMany crypto firms, especially exchanges, are announcing substantial job cuts and hiring freezes amid the prolonged downturn in cryptocurrency and equity markets. By mikeybellusci
Read more »
FTX Launches in Japan as Others Tighten The ReinsSome crypto companies appear unfazed by the bear market and are even expanding, while others face contractions and staff layoffs.
Read more »