The Bermuda authority is reportedly investing extensive efforts in fast-tracking its ambitious plans to turn into a cryptocurrency hub, regardless of the major market slump in 2022.

Specifically, the small island region with the most recognizable characteristics being its pristine pink sand beaches, as well as attractive taxation policies, has reportedly been employing an active stance towards widening the scope of its crypto sphere since 2017, per Bermuda’s Minister of Economy and Labor – Jason Hayward.

He further claimed on June 3rd that the authority is still not negatively affected by the recent major slump due to the fall of the Terra ecosystem in May, since the market has survived many traumas since 2017.

During the speech with the Wall Street Journal (WSJ), Hayward reportedly mentioned the experience local regulators have upon interacting with establishments from outside of the territory as a primary reason that will assist Bermuda in turning into a crypto hub. 

He additionally expressed a bullish attitude upon his statement claiming the crash will cause no delay to its plans moving forward. 

“We are aware of the recent devaluation in the price of cryptocurrencies and remain confident that it does not threaten the island’s ability to become a crypto hub. This industry downturn is likely to advance our goal and positively impact our long-term growth and role in this sector”. 

As of the time of writing, the Bermuda Monetary Authority (BMA) has reportedly granted an overall number of 14 licenses to crypto entities to function outside the geological confines of the British island territory, with four of those being approved in 2022, noted Crag Swan, chief executive of the BMA.

The overall list includes different firms, nominally multi-asset-class trading company Class T, crypto exchange Bittrex Global, USD Coin (USDC) issuers Circle Internet Financial Ltd., together with crypto interest account provider  BlockFi, which obtained a license in January earlier this year.