Bermuda Global Contender for Blockchain Startups, Pioneering Regulations

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Bermuda Global Contender for Blockchain Startups, Pioneering Regulations

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The island of Bermuda is positioning itself as a “global hub for fintech enterprises and innovation”, with the crypto-friendly regulation in place on the island attracting blockchain startups and companies in swathes.

The British Overseas Territory island in the North Atlantic Ocean is actively seeking to become a global leader in all things crypto and blockchain. In April 2018, cryptocurrency exchange giant Binance announced its partnership with the Bermuda government to establish a global compliance center.

The official Bermuda Business Development Agency (BDA) website reads: “Bermuda is embracing the blockchain revolution, and creating a robust and fit-for-purpose legal and regulatory framework governing initial coin and token offerings (ICOs) and virtual currency businesses.”

It goes on to invite fintech business and initial coin offerings (ICOs), offering full legal and advisory support and aid in bolstering enterprises presence in Bermuda.

In a press release on 14 May 2018, premier and finance minister David Burt led a 20-member delegation at Consensus 2018, the three-day conference in New York City. Bermuda reportedly received praise from international delegates at the event for its “pioneering work to regulate the blockchain industry”.

Bloomberg also reported that Omega One, a New York-based agency brokerage for cryptocurrencies was setting up an office in Bermuda. The company has desires to work with the government and insurers to “securely hold and insure digital currencies on behalf of investors”.

Alex Gordon-Brander, Omega One CEO, said, “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… Bermuda has an incredibly strong legal, technical, reputational jurisdiction for financial services in general, but particularly for custody of assets and reinsurance.”

Bloomberg also noted in early May that Bermuda was drawing up the ‘Digital Asset Business Act’. The new law is designed to invite, encourage and regulate blockchain and cryptocurrency related businesses and investments. It is the second in a series of legislature moves to catalyze the growth of fintech in Bermuda; the first law-regulated ICOs.

Bermuda is looking like it will be contending with Switzerland, Gibraltar, and Malta to become the crypto paradise for startups and investors. These were recently ranked top three in a BlockShow rating study that ranked European countries based on ICO regulation laws, cryptocurrency laws, taxation frameworks and projects.

 

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