We have heard about the European island of Malta that is becoming a very interesting bitcoin, cryptocurrency and blockchain hub. Now, another island – in another part of the world – is making an effort to emerge as a centre for FinTech Innovation.
Bermuda Becomes a Blockchain Hub
The government of Bermuda is pushing to embrace distributed ledger technology. The Bermuda Business Development Agency (BDA), is in charge of carrying this revolution in the technological field.
The government has decided to take a friendly approach towards virtual currencies and blockchain technology. Bermuda decided to invite government officials and blockchain entrepreneurs from different parts of the world to prepare a roadmap in order to make Bermuda one of the first regulated hubs for blockchain and virtual currencies.
During a TV program presented by Bloomberg, Premier David Burt, commented:
“We shared the progress Bermuda is making in our new government’s mission to grow the economy. We’ve demonstrated that Bermuda is open for business and we’ll continue to spread the message that Bermuda is the ideal place for future economic growth. The island is a place for stable regulation and legislative clarity around these new industries, and we intend on leveraging our legacy of blue-chip innovation to solve new problems in financial markets and digital assets.”
Moreover, the island is thinking about creating a friendly regulatory framework for Initial Coin Offerings (ICOs) to spread there. Some countries have decided to completely ban ICOs, like South Korea or China.
Of course, the intention is not to make the country a place without regulations for ICOs, but just generate a good place where ICOs could run, operate and manage their investments.
The main concern that Bermuda’s authorities have is the fact that several ICOs that raised funds have completely disappeared or proved out to be scams. At the moment, the world is following very carefully these new ways of fundraising and trying to establish clear frameworks to avoid further problems.
What Bermuda clarifies is its intention to be a blockchain and virtual currency centre for enterprises, businesses and investors from different parts of the world.