Bermuda partners with Coinbase and Circle for ‘fully onchain‘ economy

Bermuda's New Strategy

Bermuda's government has expressed its intention to establish a fully onchain economy through a partnership with Coinbase and Circle. This collaboration builds on previous efforts from 2018 to bypass comprehensive regulatory frameworks, enhancing Bermuda's attractiveness to crypto companies. This could solidify Bermuda's competitive edge in the crypto space and attract international investors.

Market Impact

The partnership may lead to increased capital influx into Bermuda and accelerate the acceptance of digital assets. As industry leaders, Coinbase and Circle's involvement is likely to positively influence the local economy. However, regulatory changes and competition from other countries could pose new risks. Market sentiment will need to closely monitor future developments, especially for the crypto market and related companies.