Bermuda’s prison has a spectacular ocean view, but digital asset companies aren’t setting up shop so their executives can see the inside of it, the island’s Premier said on stage at the Consensus 2023 festival.

“Bermuda is an excellent place to raise capital, but a terrible place to hide it,” Burt said. “Yes, our prison does have an ocean view, but it’s still a prison. I promise that you won’t enjoy your stay.”

Burt said that, unlike some jurisdictions around the world, Bermuda has the regulatory clarity that companies in the digital asset space require – and have also been seeking.

Bermuda created one of the world’s first digital assets regimes with the Digital Asset Business Act 2018. The island nation currently has three types of licenses that begin with a “T” license for firms doing testing, an “M” license for firms looking to expand operations, and an “F” license for mature companies.

(by James Rubin)