FINTECH BERMUDA’S IMPACT

Our key purpose is to develop a welcoming and stable environment for innovation and prosperity for Bermuda and its people through the ongoing development of the epicentre of the global FinTech industry in Bermuda. We continue to engage key stakeholders, and partners using their expertise to ensure we move prudently to develop the structures and support systems that ensure our objective is a globally respected leader in this space.

LAUNCH OF DIGITAL ASSETS

Formation of new Digital Assets, Digital Asset Businesses and the continued development of Bermuda as the global hub for blockchain and fintech.

JOBS

The industry will attract new jobs to the island of Bermuda – technology, compliance, legal, and financial. Concierge and support industries are targets for boosts in job figures.

ECONOMIC IMPACT

The growth in this sector will diversify the economy, introduce a new revenue stream, and reduce national debt.

SOCIO-ECONOMIC IMPACT

New revenue stream will improve the lives of all Bermuda residents, through investment in technological education, jobs and opportunities for entrepreneurship and technological innovation.

Innovation

Pioneers of the world’s most progressive ICO legislation

Trust

Proven + trusted financial services jurisdiction.

Leadership

Regulatory, legal and financial certainty and leadership.

THE THREE LAWS

Our key purpose is to develop a welcoming and stable environment for innovation and prosperity for Bermuda and its people through the ongoing development of the epicentre of the global FinTech industry in Bermuda.

DIGITAL ASSET ISSUANCE
    • Sets bespoke regulatory framework for launching Digital Assets
    • KYC, AML, ATF compliance
    • Code of conduct compliance
    • White paper requirement
    • BDA concierge support provided

Click here to view act.

THE DIGITAL ASSET BUSINESS ACT
    • KYC, AML, ATF compliance
    • Regulates providers of digital assets & exchanges
    • Consumer protections & enforcement powers
    • Physical presence in Bermuda

Click here to view act.

BANKING OF DIGITAL ASSETS- THE RESTRICTED BANKING ACT
    • Existing Bermuda banking & deposit company legislation amended
    • Restricted banking license for digital asset issuers and providers
    • Robust banking compliance schedules + scrutiny by Authority
    • Restrictions and enforcement powers imposed by Authority

Click here to view act.

Innovative. Hospitable. Business-Ready.

Bermuda has consistently demonstrated innovation and creativity since its discovery in the 1600’s. From sailing, to agriculture, to tourism and global financial matters, we have been the originators of world-changing models. In 2019, the island continues to punch above its weight with legislative and regulatory restructuring designed to ensure Bermuda is at the forefront of the Blockchain revolution.

BLOCKCHAIN AND FINANCIAL SERVICES

Blockchain expert, and best-selling author, Don Tapscott identified “The Golden Eight”, eight key ways that financial services will be transformed through emerging technologies. Blockchain technologies will impact every form and function of the financial services industry; from retail banking and capital markets to accounting & regulation. They will force us to rethink the role of banks and financial institutions in society. Whereas the old world was hierarchal, slow-moving, reluctant to change, closed and opaque, and controlled by powerful intermediaries, the new order will be flatter, offering peer to peer solutions; more private & secure; transparent, inclusive, and innovative.

– Don Tapscott: Blockchain Revolution


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Glossary of Terms
FINTECH BERMUDA
PARTNERS, REGULATORY BODIES & THE LAW

Bermuda Business Development Agency

The BDA can be your first stop to unlock the potential of using Bermuda for your ICO or fintech business launch. The BDA team can help connect you with the appropriate legal and advisory services and provide a roadmap of elements required to optimise your Bermuda presence.

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Bermuda Monetary Authority

The “Bermuda Standard” that has cemented the island’s position as a blue-chip jurisdiction is reliant on the strength and certainty of robust regulation, and reliable consistent application of laws and policies. The Bermuda Monetary Authority is our chief regulator on issues of fintech.

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Ministry of Legal Affairs and the Attorney General’s Chambers

Bermuda Law is based on the Common Law legal system of England and Wales. All laws including those that apply to the Fintech Bermuda initiative will be available to view online at Bermudalaws.bm.

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