It might be a mere 21 square miles in size, but the tiny island of Bermuda is leading the way in cryptocurrency innovation. In a bid to attract FinTech entrepreneurs, Bermuda is implementing several pieces of virtual currency legislation designed to encourage and drive crypto innovation on the island.
Bermuda’s burgeoning cryptocurrency scene was highlighted during the Blockchain Futurist Conference, which took place in Toronto in mid-August. The Futurist Conference is the largest and most high-profile blockchain event in Canada, which saw FinTech leaders gather to discuss the future of blockchain technology.
Speaking at the event was Mina Matin, a lawyer, and Partner at Norton Rose Fulbright, who has extensive experience of the FinTech market, particularly in Bermuda, the US and the UK.
Bermuda’s cryptocurrency innovation
In an interview with DigitalBits.io, sponsors of the Futurist Conference, Matin spoke of how she has been working with the Bermudian government to put in place blockchain legislation, to help the tiny island become a “leading nation in blockchain.”
Stating “Bermuda punches well above its weight in financial terms,” Matin outlined three pieces of legislation Bermuda is implementing within the FinTech space.
One is the ICO Act, which regulates ICOs and token sales which are public crowdfunding. The ICO Act came into force in July 2018.
The second piece of cryptocurrency legislation in Bermuda, which has already passed the House of Assembly and Senate, is Digital Asset Business Act. As Matin informs, the Act is “aimed at virtual currencies and exchanges wanting to set up in Bermuda.”
The Act will cover any virtual currency business involved in the issuing, selling or redeeming of virtual coins. It would also cover payment service providers, virtual currency exchanges, virtual currency wallets, and virtual currency services vendors.
Amending the Banking and Deposit Act
The Bermudian government has also announced it is going to amend the Banking and Deposit Act to enable a “new class of banks to set up in Bermuda” to “specifically cater for the crypto industry,” says Matin, adding:
“The spirit of innovation that you see right now with the Bermudian government is very similar to what has happened in the past. Innovation is being a leader and not a follower and that is what Bermuda is.”
Blockchain finds support in Canada
Bermuda is not the only country the Blockchain Futurist Conference highlighted as showing devotion and innovation within the cryptocurrency specter.
Ross Zhang, CEO of Huobi Canada, exhibited at the conference. Also talking to DigitalBits at the conference, Zhang spoke of how, since founding in 2013, Huobi has become the “world’s third largest crypto exchange.”
Zhang explained how the leading digital asset trading platform has thousands of employees around the world and now has operations in Canada, another nation that is leading the way in cryptocurrency innovation, where blockchain and virtual currencies are finding a wealth of support.
By giving the nations, governments, startups, and entrepreneurs involved in driving greater adoption and innovation within the blockchain and cryptocurrency industry the recognition and praise they deserve, it is hardly surprising that Canada’s first blockchain and cryptocurrency event, the Blockchain Futurist Conference, was hailed as a major success.
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.