Trade association for the digital asset industry launches in Bermuda

Bermuda has launched what it calls the ‘first digital asset industry association’ of companies that are fully licensed and regulated within the territory.

The announcement was made in a key note speech given by premier David Burt at Consensus. He said that the 14 leading digital asset companies licensed by the Bermuda Monetary Authority (BMA) have created the first-of-its-kind collective industry voice of fully regulated companies called NEXT. Founding members include Apex Group, Bittrex Global, Blockfi, Blockchain Triangle, Blockwrk, Circle, CrossTower, Ensuro Re, Jewel Bank, NAYMS, Relm Insurance, Stablehouse, XBTO, and 24 Exchange.

Burt said: “The formation of Bermuda’s first trade association for licensed digital asset businesses is a significant milestone in the development of Bermuda’s fintech industry. It supports Bermuda’s proven recipe for success of ensuring close collaboration between the industry, regulator and legislators to allow Bermuda to adapt quickly to and stay ahead of the needs of the industry.”

NEXT’s mission is to support initiatives to enhance Bermuda’s sustainable digital asset ecosystem and to promote Bermuda as an innovative and accessible jurisdiction with institutional grade legislation.

NEXT said in a statement that its four core priorities are:

1. Industry advocacy: act as a collective voice for Bermuda’s digital asset industry to the BMA, the Bermuda government, and Bermudian residents
2. Ecosystem growth and stability: build international relationships to help network Bermuda companies into global conversations and opportunities
3. Reputation building: proactively market Bermuda as an innovative and accessible ecosystem to decision makers and influencers in major markets
4. Talent development: provide opportunities and grow the Bermuda talent pool, while helping to attract the world’s best resources

Stafford Lowe, co-founder of NEXT, said: “The companies who have chosen to get licensed in Bermuda are attracted by the enhanced credibility of being regulated by the Bermuda Monetary Authority. As they develop new products and grow their global businesses, they require a proven jurisdiction that their clients and counterparties can trust.”