Bermuda Becoming Blockchain Hub
The European island of Malta is becoming a 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.
The government of Bermuda is pushing to distributed ledger technology and 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 cryptocurrencies and blockchain technology. They additionally dicided to welcome government authorities and blockchain business visionaries from various parts of the world to set up 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 a well disposed administrative structure for Initial Coin Offerings (ICOs) to spread there. A few nations have chosen to totally boycott ICOs, like South Korea or China. 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.