Bermuda, A Microstate Going All In On Blockchain!
"Small ships can turn quickly. That's the beauty of Bermuda,"
Those are the words of Premier David Burt talking about Blockchain regulation in the Bermuda's. They're fully convinced, that bigger isn't always better and I agree with them to some extend for sure.
Next to Liechtenstein, Gibraltar, Malta & San Marino, the Bermuda's are offering businesses regulatory certainty either through respective proposals or formal legislation already in some cases.
Especially regarding ICO's, anti-money-laundering (AML) or know-your-customer (KYC) requirements it's a must for all businesses to know what criteria they have to fulfill to stay within the borders of legality. So far it's quite hard for most as they just don't know about the exact requirements their states will eventually push upon them in future, so that many move or at least consider the relocation to a place that provides some more certainty.
Since launching a blockchain task force in conjunction with the Bermuda Business Development Agency (BDA) in late 2017, the government has passed legislation on ICOs and created a regulatory sandbox for those companies, put forth a Digital Asset Business Act and partnered with BitFury to shift the island's property deeds system to the blockchain.
most recently, and perhaps most notably, the U.K. territory inked a $15 million investment agreement with major crypto exchange Binance, demonstrating that the tiny island's blockchain push is attracting real industry heavyweights.
The success seems to confirm that the Bermuda's are on a good way to become a hub for cryptocurrency / blockchain based businesses in case other bigger states don't keep up with the fast turning industry. The Bermuda's have understood that action is more important than just some promises as to be seen at this statement of Burt:
"We believe over the last nine months that our government has shown that not only are we open for business, but we mean business."
Some Words At The End
I personally somehow hope that the big states start to realize that they can't simply continue with their given legislation but will create some clarity sooner rather than later in order to allow people worldwide to enter the space with their ideas without having to relocate their business elsewhere.
Unfortunately business always moves faster than the officials and hence we might have to wait for some more months or even years until all people on this world can finally move around safely in the cryptosphere without having to fear to run an illegal business.
What are your thoughts on this?
( Source - Coindesk.com )
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I love that. Really cool initiative :)
Thank you for taking me on audio once more :)
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Sounds like a good destination for work and pleasure to me!
Yeah it would definitely be a place I'd consider to settle with a crypto community in case I'd run one :)
Nice article. Bermuda's are on a good way to become a hub for cryptocurrency / blockchain based businesses unless the big states start to realize that they can't simply continue with their given legislation.
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There's not even a single thing about the markets in there... Cool bot but rather useless my friend... Eventually it should only trigger on "trading"...