Binance invests $ 15 million in Bermuda

As we had reported in the last minute regulation, the Bermuda looking to become a center of cryptomonnaies. To do this, a bill is under discussion. It envisages a flexible framework for crypto-assets, exchanges and ICOs.

A bold partnership

The latest development, in Bermuda's quest to become a crypto paradise , is last week's partnership with Binance .

https://twitter.com/cz_binance/status/992270582304587776

Bermuda Prime Minister Edward David Burt announced on Friday the partnership with the exchange platform. Under this agreement, the company must establish a Global Compliance Center in the country, which will create forty jobs. Binance will also invest $ 10 million in education for local residents . And finally, $ 5 million will be invested in blockchain companies based in Bermuda .

https://twitter.com/BermudaPremier/status/989957552908759040

Bermuda in the race for crypto-paradise

The term Global Compliance Center is somewhat vague. However, it is common for companies operating in highly regulated industries to have a compliance-focused department in English . This department will seek to avoid the regulatory problems of the company. And if a problem materializes, it will be forwarded to the legal department of the company.

Bermuda is one of the few places currently suitable for such a project . Indeed, the country is attached to the United Kingdom , since its official language is English . However, Bermuda is sufficiently independent to adopt its tax and business laws . Finally, as a British Overseas Autonomous Territory, Bermuda offers a legal system similar to that of other common law countries .