New Hampshire is on the verge of becoming a national leader in cryptocurrency if its legislature follows through on recommendations made by a commission appointed by Governor Chris Sununu. The recommendations would establish a legal framework for blockchain and crypto businesses in the state, providing clarity and certainty to entrepreneurs and regulators while avoiding the onerous and largely pointless special rules federal regulators and members of Congress want to impose on the industry. The proposed rules would also protect consumers, depositors and investors. Blockchain businesses presently exist in something of a legal gray area in the United States. Congress has …

Institutions in Bermuda will soon be able to trade real-time settlements using a stablecoin with a 1:1 ratio with the United States dollar, Jewel Bank's founder and chairman Chance Barnett told Cointelegraph. Called Jewel USD (JUSD), the first stablecoin to be released in the territory is powered by the Polygon blockchain, enabling transactions between wallets available to institutional clients. In the future, the bank plans to use the Polygon ecosystem for commercial and retail stablecoin-based payment solutions, including transactions between institutions, businesses, and payments between individuals. "The need for a USD real time settlement network outside of the US is …

The Bermuda government is pushing on with its ambitious plans to become a cryptocurrency hub despite the massive market downturn in 2022. The small island territory known for its pristine pink sand beaches and attractive taxation policies has been actively expanding its crypto sector since 2017, according to Bermuda’s Minister of Economy and Labor Jason Hayward. He noted on Friday that the government remains unfazed by the recent crash caused by the collapse of the Terra ecosystem in May, as the market has weathered many storms since 2017. Speaking with the Wall Street Journal (WSJ), Hayward pointed to the experience …

A multi-asset class trading firm in Bermuda has secured major regulatory approval allowing it to offer cryptocurrency trading services. Over-the-counter trading platform 24 Exchange has acquired a “Class T” digital asset business licence from the Bermuda Monetary Authority (BMA) to roll out cryptocurrency trading on its institutional-grade platform. The firm officially announced Tuesday that the new license was granted under the Bermuda Digital Asset Business Act 2018. With the newly received license, 24 Exchange is planning to launch physical crypto trading to its institutional clients later this summer. Specializing in foreign exchange non-deliverable forwards (NDFs), or two-party cash-settled derivatives contracts, …

The former CEO of crypto derivatives exchange BitMEX, Arthur Hayes, is in negotiations to surrender to U.S. authorities next month concerning charges that authorities levied against four of the exchange’s executives and co-owners in October. Transcripts of a court teleconference dated Feb. 16 indicate Hayes will surrender to the U.S. in Hawaii on April 6. Hayes and his fellow executives are accused of violating the Bank Secrecy Act by the U.S. Department of Justice and the Commodity Futures Trading Commission. The transcript details the assistant U.S. attorney Jessica Greenwood’s comments to the judge presiding over the case, with Greenwood indicating …

Thanks to regulatory uncertainty from the United States Securities and Exchange Commission and a hodgepodge of state licensing requirements, the development of crypto trading in the U.S. remains stuck in the backwaters of trading reserved for Over-the-Counter Bulletin Board issues. In order to ensure the continued and healthy growth of digital asset markets, it is critical to expand the market share of institutional crypto trading. That’s a better business model for digital asset markets, and it will force U.S. regulators to act quicker. Digital asset markets embracing this will realize that better controls will attract more institutional liquidity, and organizing …

Crypto exchange Bittrex Global received the green light from Bermuda’s financial watchdog to run its operations under the supervision of local authorities. According to the official announcement, the company got a full “Class F Digital Assets Business Act” license from the Bermuda Monetary Authority, which will allow them to offer crypto services such as futures, subject to further approval by the watchdog. Bermuda's positive regulatory stance toward crypto comes within the context of the Digital Assets Business Act approved in 2018. This established the first legal framework for crypto companies that want to run their businesses from the island. It …

Regulated Brazilian fund manager Hashdex has inked a deal with Nasdaq to launch the world’s first crypto asset exchange-traded fund (ETF) on the Bermuda Stock Exchange (BSX). The stock exchange announced it had approved the ‘Hashdex Nasdaq Crypto Index’ on September 18, revealing that 3 million Class E shares will be issued for trade on the platform. Cointelegraph Brazil confirmed the Nasdaq partnership and ETF with Hashdex’s chief executive, Marcelo Sampaio According to local media outlet Infomoney, the fund should be live and trading on the BSX by the end of the year. The report notes that Hashdex chose to …

The Government of Bermuda has announced their partnership with stablecoin platform, Stablehouse. Together they hope to roll out a pilot program for a digital “stimulus” token, targeting both residents and merchants within the islands. According to The Royal Gazette, the idea of launching such a program was accelerated by the COVID-19 pandemic. As part of the program, the government plans to enable the purchase of food and other products from retailers to strengthen its now-necessary array of contactless payment solutions. The Bermuda government will also distribute payments to those who qualify for coronavirus-related financial aid using the tokens. All the …

The Premier of Bermuda, Edward David Burt, has said that cryptocurrencies are a great equalizer and characterized fintech innovation as a national strategic imperative. In an interview for Forbes published on Oct. 18, the Premier — a former programmer, startup founder and entrepreneur who went on to become the youngest national leader in Bermuda’s history — expressed his belief that cryptocurrencies will ensure that citizens are less beholden to large corporations and government than they are now. Governments must engage The Premier placed a strong emphasis on crypto’s role in creating a more equitable society — “that’s the premise of …

Global financial services company Circle announced that Bermuda became the first government to accept its stablecoin USD Coin (USDC) for tax payments. Part of a broader government initiative to embrace stablecoins According to a press release shared with Cointelegraph on Oct. 16, this development is part of a broader initiative, which sees the Bermuda government support “the use of USD-dollar backed stablecoins and decentralized finance protocols and services.” Circle co-founder and CEO Jeremy Allaire said: “Bermuda’s Premier made a broader announcement today about embracing stablecoins as the future of the financial system, with a focus on innovations in fintech that …

Major cryptocurrency exchange BitMEX announced that it will restrict access to its platform in Seychelles, Hong Kong and Bermuda. Per an announcement published on Aug. 19, in order to ensure the safety of funds and the stability of the exchange, the firm restricted access from countries in which the offices and workers of its parent company — HDR Global Trading Limited — reside. BitMex also claims that this is a proactive measure and noted, “This change will have no financial impact on the business and will affect very few people.” Part of a broader initiative BitMEX noted that closing trading …