Trade association for regulated digital asset companies formed
Fourteen digital asset companies licensed and regulated by the Bermuda Monetary Authority have created a first-of-its-kind industry association.
The launch of Next was announced by David Burt, the Premier, during a keynote address at Consensus 2022, the crypto festival taking place in Austin, Texas.
The founding members of Next include Apex Group, Bittrex Global, Blockfi, Blockchain Triangle, Blockwrk, Circle, CrossTower, Ensuro Re, Jewel Bank, NAYMS, Relm Insurance, Stablehouse, XBTO and 24 Exchange.
The association’s mission is to support initiatives to enhance Bermuda’s sustainable digital asset ecosystem and to promote the island as an innovative and accessible jurisdiction with institutional grade legislation.
Next’s four core priorities are industry advocacy, ecosystem growth and stability, reputation building, and talent development.
Mr 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.”
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 BMA.
“As they develop new products and grow their global businesses, they require a proven jurisdiction that their clients and counterparties can trust.”
David Hart, CEO of the Bermuda Business Development Agency, said: “Next is a welcome addition to the pantheon of industry associations who have helped grow and shape Bermuda's financial services landscape.
“As digital asset businesses begin to converge with mainstream financial markets, we look forward to seeing Bermuda’s burgeoning tech sector grow from strength to strength.
“The BDA looks forward to supporting the ongoing evolution of financial services – there isn’t any place better for this evolution to occur than Bermuda.”
John Narraway, co-founder of Next, said: “We are excited by the diverse ecosystem forming in Bermuda.
“Next members span exchanges, custodians, digital asset managers, digital fund services companies, insurtechs, financial product innovators and even a licensed digital asset bank.
“With the ongoing ‘flight to quality’, Bermuda has clearly become the premier domicile for the wide spectrum of innovative companies building the future of finance and insurance.”
The Next co-founder committee also includes Tim Reed, chief marketing partner at Your Partners, a Bermudian-based fintech advisory company, and Denis Pitcher, chief fintech adviser to the Premier.
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