(Bloomberg) – Omega One, an agency brokerage for cryptocurrencies, will open an office in Bermuda to take advantage of the island's regulations, and work with insurers and the government to help set up a business to securely hold and insure digital currencies on behalf of investors.

Bermuda is global center for reinsurance industry

Bermuda is adopting regulations and legislation for digital-currency businesses and already has attracted a long list of companies planning to set up there, including Binance, the world's largest cryptocurrency exchange. As the biggest global center for the reinsurance industry, with a developed legal and technical infrastructure, the country is also a logical place to set up insured custody services for increasing institutional investment, said Omega One Chief Executive Officer Alex Gordon-Brander.

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“All assets will be digital assets in a few years and we need an on-ramp where the current legal form of the assets can reside,” Gordon-Brander said. “Bermuda has an incredibly strong legal, technical, reputational jurisdiction for financial services in general, but particularly for custody of assets and reinsurance.”