Govt To Table Digital Asset Business Act 2018

May 11, 2018 | 8 Comments

“An exciting, landmark achievement,” said Premier David Burt as the Government prepares to table the Digital Asset Business Act 2018 in the House of Assembly today.

“A team of men and women from the private sector, the Public Service and the Bermuda Monetary Authority have delivered legislation that puts Bermuda in the ‘First in the World’ category,” the Premier added.

“Their efforts have produced a Bill that will introduce a supervisory framework for the Bermuda Monetary Authority to regulate persons carrying on digital asset business and for the protection of the interests of clients or potential clients of persons carrying on the business of digital asset business.”

Screenshot from the Government’s new FinTech website:

Fintech Bermuda May 11 2018

The Government said, “It will be recalled that this Bill is the second in the series of legislative initiatives designed to facilitate the growth of FinTech businesses in Bermuda. The first, to regulate initial token offerings passed the Senate on Wednesday of this week and now awaits the Assent of the Governor.”

Premier Burt concluded: “In February’s Budget Statement this Government promised the people of Bermuda that it would be more than transactional.

“We promised to be transformational as we expand and grow this economy for the benefit of all Bermudians. This legislation lays the foundation for growth in an area that Bermuda can and will lead.”

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Comments (8)

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  1. The Original Truth™ says:

    The blind leading the blind. PLP’s vision of online gambling is in the making.

    Where’s the casinos PLP? Tourist wont have a chance to gamble with icos. We need external money coming in not leaving us through an ico.

  2. The Original Truth™ says:

    Only a matter of time until there’s another mass influx of work permits approved like there was in 2007. For what? 40 jobs for locals? Bet the permits will all come with a promise to teach blockchain to a Bermudian but they never will.

    • frank says:

      This will create no dam jobs
      Getting involved with these people will be bad for bermuda Warren Buffet a man who knows the financial world has clearly stated that bit coin will not end well
      Why would a fool pay money for something that you will never be able to hold in your hand
      This is all a well thought out mess

  3. spinspinspin says:

    Seems that they put in quite a lot of work to rush this through, and still nothing to curb Bermuda’s deadly drink driving habits. It would seem that money > lives, no matter who’s in power

  4. Rocky5 says:

    Bulls@*t baffles brains!

  5. wahoo says:

    Thank you Supreme Leader.

  6. Joke says:

    Follow the money on gaming and you will understand that over 80% of all revenue will be leaving Bermuda due to the Princess using an overseas operator! Good hunting.

    • The Original Truth™ says:

      Your 80% remittances is unrealistic for gaming. Princess wouldn’t be able to keep the place open paying staff & themselves only 20%

      ICOs more realistically will drain Bermuda’s economy since all the money made from it will have to convert into a crypto currency & added to a decentralized ledger. No more Bermuda dollars just fake currency on a blip on the screen.

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