Video: Premier On Blockchain & Cryptocurrency

November 22, 2017 | 8 Comments

“Bermuda is a significant option for Blockchain and cryptocurrency related businesses,” Premier and Minister of Finance David Burt said today, adding that due to the “opportunities for economic growth that this area of the technology industry can provide,” the Government is moving “aggressively in this area to ensure that Bermuda and Bermudians can benefit.”

The Premier said, “Given the continuous and rapid nature of this innovative technology and distributed financial system, Bermuda will craft an agile and effective means for regulation and compliance for DLT as the Island has done for other industries such as insurance for decades.”

“I want Bermudians to understand that this is not just pie in the sky,” Premier Burt said. “The Government has put real effort into this matter already and it has yielded tangible results.

“The work done to date has already secured the commitment of a crytocurrency trader to establish a physical presence as a result of action the government took following a meeting in New York earlier this years.”

Premier on Cryptocurrency Bermuda Nov 22 2017 (1)

Premier and Minister of Finance David Burt’s Comments

Premier Burt said, “Today I am pleased to update international investors and our local community on the work that the Government of Bermuda is doing in an important area of technological advance that is happening globally.

“There has been a lot of attention and focus globally on advances that have been made using Distributed Ledger Technologies [DLT]. Recognizing the opportunities for economic growth that this area of the technology industry can provide I have directed that the government move aggressively in this area to ensure that Bermuda and Bermudians can benefit.

“To make this a reality, Bermuda requires a regulatory framework for Distributed Ledger Technologies which will become operational in early 2018 which will regulate the activities of firms, operating in or from Bermuda, that use DLT to store or transmit value belonging to others, such as virtual currency exchanges, coins and securitized tokens.

Premier on Cryptocurrency Bermuda Nov 22 2017 (2)

“To advance this project, responsibility for ICT Policy and Innovation has been transferred to the Minister for National Security – Minister Wayne Caines. A Task Force has been set up, under the direction of the Minister of National Security, to develop and implement a strategy that aids Bermuda in entering this exciting area.

“The challenge will be in figuring out how Bermuda can set-up an industry that ensures cryptocurrencies are well-regulated, is a safe environment for cryptocurrency firms to grow, whilst also ensuring that this new regulatory environment protects both consumers and the reputation of the jurisdiction with specific attention being given the out Anti Money Laundering and Anti-Terrorist Financing Obligations.

“The Task Force will be broken up into two teams: a Business Development Working Group and a Legal and Regulatory Working Group. Members of the Task Force will comprised Government technical officers, officers from the BDA, as well as legal and industry specialist in FinTech. I am pleased that some have joined us here today.

“Ms. Lydia Dickens, Director of the Business Development Unit in the Ministry of Economic Development and Tourism will lead the Legal and Regulatory Working Group.

“Mr. John Narraway of the Bermuda Business Development Agency will lead the Business Development Working Group.

“Immediate responsibilities for the Task Force include:

  • Creating a Crypto Currency Association with a defined Code of Conduct and Rules of operation. The Bermuda Crypto Association is in the process of being formed and our aim is for this Group to be self-governing.
  • The Bermuda Monetary Authority in conjunction with the Ministry of Finance will work together to draft a letter or document confirming; Utility Tokens are not a security as long as there is no promise of future value. This will allow companies from all over the world to set up in Bermuda for Crowd Funding

“Most importantly, the Legal and Regulatory Working Group will provide confirmation that Utility Tokens are not prohibited or contravening any local legislation.

“Bermuda is committed to building upon its position as an innovative international business centre and is considering a complementary regulatory framework covering the promotion and sale of utility tokens, aligned with the DLT framework.

“Anyone considering launching utility tokens from Bermuda is advised to consider the following guidance; Bermuda-based Token Issuers must join and comply with code of conduct of the Bermuda Crypto Association, which includes measures to ensure enhanced business transparency, KYC and AML.

“Given the continuous and rapid nature of this innovative technology and distributed financial system, Bermuda will craft an agile and effective means for regulation and compliance for DLT as the Island has done for other industries such as insurance for decades.

“I want Bermudians to understand that this is not just pie in the sky. The Government has put real effort into this matter already and it has yielded tangible results. The work done to date has already secured the commitment of a crytocurrency trader to establish a physical presence as a result of action the government took following a meeting in New York earlier this years.

“In addition to that company, today we are joined by Aron Dutta who, following meetings with Government Ministers, have confirmed that they will be setting up operations in Bermuda. They are joining us here today and I will ask Aaron Dutta to say a few words.

“The message that I want to send today is that we want the world to know that Bermuda is a significant option for Blockchain and cryptocurrency related businesses and that we are expeditiously developing rules that ensures cryptocurrencies and related tokens are well-regulated, is a safe environment for those firms to grow, whilst also ensuring that this new regulatory environment protects both consumers and the reputation of the jurisdiction.

Aron Dutta’s Comments:

Mr. Dutta said, “Our company, Ambika is delighted to have been asked to address this press conference and to speak about the Bermuda Government’s new Blockchain initiative.

“We are pleased that Bermuda is venturing into Blockchain technology and Cryptocurrency.

“Bermuda has huge growth potential in this area thanks to its strong progressive Government which clearly embraces international business and focuses on driving economic growth.

“Bermuda is the perfect jurisdiction because of its robust compliance regime and strong regulatory environment. Added to its highly renowned and internationally respected legal system, it is attractive to innovative businesses.

“In our assessment, Bermuda will become a center for a technological and economic transformation especially in the areas of fintech, medtech, and edtech leveraging the potential of the country’s current and future human capital.

“We are demonstrating our commitment by setting in motion the incorporation of our Global Blockchain Platform here in Bermuda. We at Ambika look forward to working with the Government of Bermuda and key stakeholders in this significant endeavour.”

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Comments (8)

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  1. Truthertz says:

    Maybe not too smart to introduce this just before the imminent and crucial AML/ATF assessment in early 2018, especially since we have absolutely no legislation and/or regulations. And setting up a bunch within a few months befoe teh assessors arrive won’t be looked kindly upon. Should wait till after the assessment is finalised.

    How many jobs is this expected to create and what tax concessions are to be given to these firms?

    • Truthertz says:

      Also, as is the case with most technological advances these days, blockchain eliminates the need for many existing jobs/professions.

  2. dick francis says:

    On the one hand I am glad the Govt has recognized and is pursuing this issue but on the other hand, it yet another committee. It really seems as if we have Government by committee at the moment.

  3. frank says:

    this is something that we do not need this is like bitcoin
    and billion dollar coin these are all full of issues
    this will be worst than the paradise papers

  4. jty says:

    Who is Ambika? Looks like the only mention of them online is the above article…
    https://www.google.ca/search?q=ambika+cryptocurrency

    • Happy says:

      Seems Aron Dutta has a good bit of knowledge on Blockchain from previous jobs. He seems to have been a speaker at several events. He founded Ambika which does Venture Funding. Couldn’t find much else.

  5. Jus' Askin' says:

    Play Time is OVER!!!!! :-D

  6. Frank says:

    This bitcoin and billion dollar coin is nothing but a scam and a pyramid we need to stay clear of this
    There is no substitute for hard cold cash
    This type of currency is not backed up by nothing
    It only amounts to play money
    You can not pay your Belcourt bill with it

    And you can not buy your groceries this is again only some forms of play money do not fall for the scam

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