Hedge funds go to the Cayman Islands to incorporate. Big companies are generally domiciled in Delaware.
And online poker companies often set up their bases in Gibraltar and Malta. Now the race is on to become the go-to destination for cryptocurrency companies that are looking for shelter from regulatory uncertainty in the United States and Asia.
In small countries and territories including Bermuda, Malta, Gibraltar and Liechtenstein, officials have recently passed laws, or have legislation in the works, to make themselves more welcoming to cryptocurrency companies and projects. In Malta, the government passed three laws July 4 so companies can easily issue cryptocurrencies and trade existing ones.
In Bermuda this year, the legislature passed a law that lets startups doing initial coin offerings apply to the minister of finance for speedy approval. “We are 65,000 people, and 20 square miles, but we have a very advanced economy,” the premier of Bermuda, E. David Burt, said in an interview at a cryptocurrency conference in May in New York, where he was trying to pitch companies on the island’s charms. “We want to position Bermuda as the incubator for this industry.” Facebook Wants Its Own Cryptocurrency The report comes from ‘Cheddar,’ who cited an announcement on Tuesday from Facebook’s head of Messenger, David Marcus.
In a Facebook post, Marcus said he will be leaving his role to explore the use of blockchain technology within the company. Blockchain is a term used to describe a distributed ledger that records transactions between two parties and whose data cannot be modified. Read more from sfgate.com…
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