Bermuda’s minister of economy and labor, Jason Hayward said the government remains unfazed by the recent crash caused by the collapse of the Terra ecosystem, as the market has weathered many storms since 2017.
l, USD Coin issuers Circle Internet Financial Ltd., and crypto interest account providers BlockFi, who obtained a license in January earlier this year.
“So obviously the persons that we want in Bermuda must be fit and proper because essentially we’re looking at maintaining the jurisdiction’s quality name,” he said.Hayward stated that Bermuda’s licensing process is broken down into three stages: the testing license, a modified license, and finally the fully approved operating license. The testing phase usually lasts between three to 12 months but did not provide a comment on how long it takes to get fully licensed by the BMA.
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