Paying Taxes With Cryptocurrency Allowed in Bermuda

The authorities of Bermuda have passed a bill according to which taxes in the jurisdiction can be paid with a cryptocurrency. Bermuda is one of the first countries in which this opportunity appeared. The first cryptocurrency that government agencies accept is the stablecoin Circle. This news was published by the developer company itself.

According to Circle CEO Jeremy Aller, such a move was expected, as the stablecoin USDC is pegged to the dollar with a 1: 1 ratio. Bermuda is friendly to cryptocurrencies, and the loyal legislation attracts crypto companies. Moreover, the government is conducting an extensive campaign to decentralize the currency system, and stablecoins can become a new foundation for this.

Stablecoin Circle is one of the most famous crypto assets of this type in the world. In the overall ranking of cryptocurrencies, it takes 24th place. Circle capitalization is estimated at $ 478 million.

Law firm Law&Trust offers services for cryptocurrency companies that plan to operate in Bermuda. The lawyers of the company will help you choose the appropriate type of legal entity, register with the regulatory authorities, choose the appropriate tax system and represent your interests in case of problems with the regulatory authorities.