Bermuda is aiming to become a major hub for fintech and blockchain solutions. As part of its aspirations, the British island territory recently announced plans to make amendments to its banking laws for creating a class of banks that will cater to fintech and blockchain startups. Recently, the country passed a Digital Asset Business Act, as well as an initial coin offering (ICO) bill.
Bermuda’s Virtual Currency Business Act addresses virtual currency wallets, ICOs, exchanges, and services. The bill will ensure integration of fiat and cryptocurrency and address the fraud and manipulation issues in the market.
Land Title Registry Office launched on July 2
With these initiatives, the country wants to attract the companies operating in the field of cryptocurrency and blockchain. The upcoming changes in the Banking Act are being introduced after a brief discussion with the local banks that first were not willing to open services to the new class of companies growing on the island. The local banks were trying to avoid this association citing risk and regulatory barriers associated with the crypto market.
As per the announcement made by David Burt, the Premier of Bermuda, the country will introduce the “Land Title Registry Office” on July 2 and all the office work will be moved into an electronic format. According to Burt, the banks should no longer become an obstacle in the country’s journey towards economic growth and success.
Bermuda trying to improve its crypto-friendly status
Bermuda is planning to strengthen its crypto and blockchain-friendly position globally. In April this year, the country signed an MOU of $15 million with Binance Group for establishing funding for Fintech and blockchain-based companies operating in the educational field. As per the report, Binance will build a global compliance base on the island, which is expected to create 40 new job opportunities out of which 30 will go to the Bermudians.
Apart from Binance, the Government of Bermuda also signed an MOU with Shyft network to provide $10 million for the economic development and blockchain technology education of the country.