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Bermuda strives to become regulated hub for blockchain business and digital assets

The government of Bermuda is leaving no stone unturned in its efforts to embrace the technology that underpins digital currencies such as bitcoin.

From new legislation to govern initial coin offerings (ICOs) to the recent deal with Binance cryptocurrency exchange, the country is trying to position itself as the regulated hub for blockchain business and digital assets.

Earlier this year, premier David Burt announced plans to transfer Bermuda’s deeds-based property system to the blockchain, as reported by the Royal Gazette. He said at the time that switching to a blockchain-based system would enhance transparency and make the system more secure.

Last month, the Bermuda Monetary Authority published a consultation paper on the “Regulation of Virtual Currency Business” which also includes initial coin offerings (ICOs). The regulator has proposed the “Virtual Currency Business Act 2018,” which sets out a supervisory framework for the BMA to regulate persons carrying on virtual currency business and for the protection of the interests of clients or potential clients of persons carrying on the business of virtual currency business.

More recently, Bermuda inked a Memorandum of Understanding (MoU) with Binance Group. Under the agreement, the Binance Foundation will sponsor university-level training for Bermudians in blockchain technology development and compliance in an amount up to US$10 million. In addition, Binance Labs will invest up to $5 million in new Bermuda based blockchain companies.

On May 03, representatives of the Bermuda Business Development Agency (BDA) joined Bermuda Premier David Burt and National Security Minister Wayne Caines for a morning of interviews focused on emerging technologies and the initiatives underway in Bermuda.

“I think we’re shifting the discussion to the value of Bermuda’s globally respected regulation and the regulatory certainty and transparency the island can provide—which these new technologies are looking for,” said BDA Emerging Technologies Consultant John Narraway. “We’re at the perfect intersection of opportunity arising and being able to seize it.”

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2018-08-21 16:54:03
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