Bermuda Premier speaks about preventing QuardigaCX; hints safer regulations for crypto

Bermuda is a thriving, haven for people seeking liberty of trade and other regulatory ease the tropical weather of the country.

The premier David Burt has recently been reported to have commented on QuardigaCX. In doing so, he also hinted on the details of the country’s legislative act Digital Asset Business Act 2018.

Speaking of QuardigaCX, Burt is of the view that had the ill-fated company headquarter been in Bermuda; things had been different. He explains that the Bermudan law prevents the Master Keys to be held by a single individual.

He furthers that the law in his country ensures that firms working with master keys have a failsafe mechanism that can be activated to recover the even apparently lost keys.

The country has regulations placed on Initial Coin Offerings and has come a long way from the banks rejecting services to the cryptosphere to the regulatory changes in the Banking Act to facilitate the new technology.

QuardaigaCX has lost hundreds of millions of dollars in the unfortunate sudden death of the founder, who happened to be the sole handler of the master keys. The exchange has since been in legal limbo while the company is trying to recover the lost money tucked away in cryptocurrency.