Bermuda wants to be more than a paradise for vacationers. According to FinExtra, the British island territory has introduced a bill in its parliament to amend the Banking Act to create a new class of bank that would cater to the fintech and blockchain companies flocking to its shores.
Premier and Minister of Finance David Burt said the bill was needed because local banks did not want to do business with these types of companies because of feared legal ramifications.
“The fintech industry’s success globally depends on the ability of the businesses operating in this space to enjoy the necessary banking services,” he reportedly said when introducing the amendment. “In other jurisdictions banking has been the greatest challenge, and for us in Bermuda it is equally so and therefore it must be resolved.”
Burt is big on blockchain. Back in May he touted the self-governing territory’s newly created regulations covering all types of digital assets and including strict compliance controls. “If you’re a bad actor or have a checkered past, don’t waste your time,” Burt said during the Consensus conference in New York. Read more here.