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More than three months after the death of the CEO of QuadrigaCX, the head of the Canadian Cryptocurrency Exchange, apparently carrying the keys of $ 190 million of cryptocurrency funds on his grave, the authorities are still trying to recover the 39 and determine what was wrong.
Now, a head of government is talking, saying that if Quadriga had been based in Bermuda, instead of Canada, the keys to cryptocurrency would never have been lost. "If Quadriga had obtained a license from the Bermuda Monetary Authority, it could not have happened that it happened, because we have rules about keeping the keys." and to ensure that they are not owned by any particular person, "said Prime Minister David Burt, the leader of the Bermuda island nation, said The wealth Balance the ledger.
Burt refers to the Digital Asset Business Act 2018, which came into effect last summer, in the legislative framework adopted by the country to encourage financial technology and cryptocurrency companies. to settle on the island. "It basically says what you need to do with the master keys, how these things have to be managed and making sure that they can not be lost, or if they're lost, there's a way to restore the situation, "he explained.
Until now, Bermuda regulators have authorized 74 financial technology companies to incorporate it, although they have just approved their first cryptocurrency swap, Omega Dark, the last week. Fintech companies operating in Bermuda also include a subsidiary of Binance, a Hong Kong-based cryptocurrency exchange focused on compliance.
As the country seeks to attract more companies of this type, companies will have to pbad a "very strict test" in order to prevent disasters such as that of Quadriga, added the Prime Minister. "We recognize that any damage to reputation resulting from scams or otherwise can impact our traditional financial services sector," he said, "and we do not want that, I l 'm not sure. would call, cross contamination. "
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