Bermuda Seeks Public Feedback on KYC/AML Rules for Crypto Businesses
- Many blockchain firms are showing their interest to migrate to the island territory.

The Bermuda Monetary Authority (BMA) is seeking the feedback of the island's citizens on an anti-money laundering law that is aimed at organizing its local cryptocurrency industry.
This comes as a part of the aggressive plan of the government of Bermuda, a British overseas territory in the North Atlantic ocean, to attract the cryptocurrency businesses from all over the world to the island.
The suggested cryptocurrency act would mandate the cryptocurrency exchanges, wallet services, and payment providers to collect and retain customer information to check any illegal activities. Moreover, businesses that promote and facilitate initial coin offerings, would also fall under the rule.
Interest of entrepreneurs
Bermuda's friendly approach towards the controversial industry has made it one of the popular jurisdictions to set up a cryptocurrency business. According to a recent report by the Royal Gazette, the territory’s Minister of National Security, Wayne Caines, has recently hosted an event to give a clear picture of the government's approach with the regulations on the nascent sector.
Caines said: “We can't keep up with the amount of people who want to come to Bermuda. We're going to London at the weekend and we have 20 companies lined up to meet us. It's actually phenomenal.”
Tax heavens’ approach towards crypto
Bermuda is not the only jurisdiction to target Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term firms by imposing regulatory rules on them. Similar steps were taken by territories like Gibraltar and Malta to lure in crypto firms and in each case, this approach was a massive success, as recently we saw an influx of blockchain businesses to Malta.
The Bermuda Monetary Authority (BMA) is seeking the feedback of the island's citizens on an anti-money laundering law that is aimed at organizing its local cryptocurrency industry.
This comes as a part of the aggressive plan of the government of Bermuda, a British overseas territory in the North Atlantic ocean, to attract the cryptocurrency businesses from all over the world to the island.
The suggested cryptocurrency act would mandate the cryptocurrency exchanges, wallet services, and payment providers to collect and retain customer information to check any illegal activities. Moreover, businesses that promote and facilitate initial coin offerings, would also fall under the rule.
Interest of entrepreneurs
Bermuda's friendly approach towards the controversial industry has made it one of the popular jurisdictions to set up a cryptocurrency business. According to a recent report by the Royal Gazette, the territory’s Minister of National Security, Wayne Caines, has recently hosted an event to give a clear picture of the government's approach with the regulations on the nascent sector.
Caines said: “We can't keep up with the amount of people who want to come to Bermuda. We're going to London at the weekend and we have 20 companies lined up to meet us. It's actually phenomenal.”
Tax heavens’ approach towards crypto
Bermuda is not the only jurisdiction to target Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term firms by imposing regulatory rules on them. Similar steps were taken by territories like Gibraltar and Malta to lure in crypto firms and in each case, this approach was a massive success, as recently we saw an influx of blockchain businesses to Malta.