The dramatic collapse of the password trading center FTX in November 2022 did not cause Bermuda to give up providing help for password companies, the person in charge of the Bermuda government told Bloomberg News.

"the future of finance must be digital," said Edward Burt, Bermuda's prime minister and finance minister, who believes that digital assets and blockchain applications will still yield great benefits.

Bermuda is a grass-roots democratic land with relevant departments of the House, and it is one of the first places in our country to implement the digital asset control structure. The country is only 915km from the Bahamas, where the bankrupt FTX used to operate.

It is reported that before the failure of FTX, Burt was under great pressure to work in politics because the trading center chose the Bahamas rather than Bermuda as its head office. According to him, the latest events in the password industry have had almost no impact on Hong Kong, thanks to its regulatory requirements. "I think this kind of behavior has long been proven to be correct," Bert said, adding that Bermuda's policies and regulations are clear and will not be changed for all companies.

Burt met with U.S. lawmakers and government officials in Washington this week to discuss consistent norms for digital assets and topics related to financial and commercial insurance units, according to Bloomberg News. In his view, regulators around the world "must work together" to give clarity to cutting-edge technology.

Since 2022, the Bermuda government has been promoting its pioneering plan to become the core of encrypted currency. The island, known for its natural scenery and attractive tax incentives, has been actively expanding its encryption units since 2017, according to Cointelegraph. According to Burt, there are now 17 licensed password companies operating in Bermuda.

During the development of the latest password in the area, jewelry financial institutions first released Bermuda's first stablecoin password in December 2022. Stablecoin is supported by the Polygon blockchain and is committed to using the stablecoin associated with US $1:1 for direct settlement.

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