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BMA: Digital Asset Business Code Of Practice

BMA: Digital Asset Business Code Of Practice

The Bermuda Monetary Authority released the Digital Asset Business Code of Practice 2018 which “provides guidance on the duties, requirements, procedures, standards and sound principles to be observed by persons carrying on Digital Asset Business.” The introduction states, “This Code of Practice is made pursuant to section 6 of the... Read more of this article

BMA: Requirements For Digital Asset Businesses

BMA: Requirements For Digital Asset Businesses

The Bermuda Monetary Authority [BMA] has released an Information Bulletin outlining what documentation is required when submitting an application for a digital asset business [DAB] licence. “The Digital Asset Business Act 2018 [the Act] makes provision for DAB licenses. To supplement the Act, the Digital Asset Business [Cybersecurity] Rules 2018,... Read more of this article

Column: ‘At Beginning Of A Digital Revolution’

Column: ‘At Beginning Of A Digital Revolution’

[Written by Chris Garrod] “Do you accept crypto?” I work in the services industry and it was an email from a client. I immediately responded “no, sorry” as I knew my firm didn’t. But we should. It won’t be very long before the words “Do You Accept Crypto?” will be so common place, they will be as common as, “Do you take cards?”There... Read more of this article

Premier David Burt Addresses OECD In Paris

Premier David Burt Addresses OECD In Paris

Premier and Minister of Finance David Burt is currently in Paris, where he addressed the [Organisation for Economic Co-operation and Development [OECD] Blockchain Policy Forum on “Distributed Ledgers: Opportunities and Challenges”. “The prestigious conference was hosted in Paris by the Director General Angel Gurría and chaired by the Senior... Read more of this article

Minister Caines Attends World Blockchain Forum

Minister Caines Attends World Blockchain Forum

The Minister of National Security Wayne Caines is currently in London attending the World Blockchain Forum. “From September 3 – 5, the conference brings together visionary leaders, economic pioneers and enterprising investors from around the world as they discuss the global financial future at a recognized blockchain industry influencer event,”... Read more of this article

BMA Hire Moad Fahmi For Fintech Supervision

BMA Hire Moad Fahmi For Fintech Supervision

The BMA has hired Moad Fahmi as a Senior Advisor, Supervision [Financial Technology], with Mr. Fahmi set to be responsible for the supervision of digital asset businesses. A BMA spokesperson said, “As stated in the Bermuda Monetary Authority’s [BMA] 2018 Business Plan, the BMA is committed to meeting the evolving and complex financial needs... Read more of this article

Investor Sues Esports Gambling Startup Unikrn

Investor Sues Esports Gambling Startup Unikrn

Esports gambling startup Unikrn is being sued by one of its investors, according to a report from ESPN, which states the complainant filed suit “against Unikrn, a Bermuda-registered subsidiary of the company and its founders.” The story said, “Seattle-based esports gambling startup Unikrn, which is backed by the likes of Dallas Mavericks... Read more of this article

OBA: How Many Jobs Will Fintech Firms Create?

OBA: How Many Jobs Will Fintech Firms Create?

[Updated] The Premier “must give details of how many jobs fintech firms that have been incorporated in Bermuda will create” Opposition Leader and Shadow Finance Minister Jeanne Atherden said today. “A report in the New York Times revealed that iCash, a new cryptocurrency, would “have an office and a head of operations in Bermuda, which... Read more of this article

Video: Minister & Richards At Blockchain Futurist

Video: Minister & Richards At Blockchain Futurist

Minister of National Security Wayne Caines and Kevin Richards from the Bermuda Business Development Agency spoke with the Cube’s John Furrier at the Blockchain Futurist Conference, which was held on August 15th and 16th in Toronto, Canada. Minister Caines discussed topics including regulation and the digital asset legislation, while Mr Richards... Read more of this article

64% Believe Virtual Asset Law Will Help Economy

64% Believe Virtual Asset Law Will Help Economy

64% of residents “believe that introducing legislation which will recognise businesses dealing in virtual assets will improve Bermuda’s economic future,” while 16% disagree that virtual currency legislation will yield economic benefits, and 20% are uncertain. This is according to the Bermuda Omnibus quarterly survey of public opinion... Read more of this article

NY Times Highlights Bermuda’s Crypto Efforts

NY Times Highlights Bermuda’s Crypto Efforts

“The race is on to become the go-to destination for cryptocurrency companies that are looking for shelter from regulatory uncertainty in the United States and Asia” and “Bermuda has been a leading player,” according to a story in the New York Times.The story — entitled “Have a Cryptocurrency Company? Bermuda, Malta... Read more of this article

House Passes Bill: New Bank Class For Fintech

House Passes Bill: New Bank Class For Fintech

The House of Assembly passed a Bill to create a new class of bank to serve Bermuda-based Fintech companies. After the Bill passed last night, Premier David Burt tweeted, “House of Assembly passes bill to create new class of bank to serve Bermuda based Fintech companies. Now moves to Senate for ratification.”In tabling the Bill last month,... Read more of this article

List Of Fintech Companies Incorporated In Island

List Of Fintech Companies Incorporated In Island

Premier David Burt provided a list of all the names of Fintech companies which have been incorporated in Bermuda, with the list being provided in response to a Parliamentary Question in the House of Assembly. The question, from Opposition Leader Jeanne Atherden said, “Would the Honourable Minister please provide this Honourable House with the... Read more of this article