Report: Island To Get Crypto-Friendly Bank

January 24, 2019

During an interview at the World Economic Forum, Premier David Burt announced that he will soon be ”making an announcement revealing that a bank will be set up in the country that will start accepting crypto and blockchain companies.”

This is according to a report from CCN, which said, “It looks like the skies will be much clearer for the crypto and blockchain community in Bermuda soon. A bank that will accept blockchain and crypto companies appears to be just around the horizon.

“Bermuda Premier David Burt made the announcement during a one on one interview with BBC journalist Priya Patel at the Consensys Lounge, today. This was one of the many events at the World Economic Forum in Davos, Switzerland.

“The discussion featured on the importance of focusing on quality over quality over quantity when accepting businesses. This is an issue which Burt said was the main focus for Bermuda looking at crypto and blockchain companies.

Photo via CCN:

Bermuda Premier Burt speaking at WEF January 2019

“The Bermuda official stated: ‘I’m proud to say that next week we’ll be making an announcement revealing that a bank will be set up in the country that will start accepting crypto and blockchain companies.’

“A bank that accepts crypto and blockchain companies is often one of the major stumbling blocks in several countries who are looking to exploit the space,” the report added.

Last summer, Parliament passed a Bill to which would allow for a new class of bank to serve Bermuda-based Fintech companies.

In tabling the Bill last year, the Premier said that the ICO Bill and the Digital Asset Business Act “set the stage for the increased incorporations and growing commitment to doing business in Bermuda by the most innovative companies from around the globe.

“The business conducted by these companies is not traditional,” the Premier said. “Given their risk tolerances, to date local banks have been unwilling to offer services to newly incorporated FinTech and distributed ledger technology companies.

“In other jurisdictions, banking has been the greatest challenge and for us in Bermuda, it is equally so and must be resolved.

“To ensure that the Government is able to effectively execute on its FinTech initiatives, as well as encourage responsible FinTech innovation that provides fair access to financial services and fair treatment of consumers, the Banks and Deposit Companies Act 1999 will be amended to allow for a new class of bank that will provide banking services to Bermuda based FinTech companies,” the Premier said when the Bill was tabled.

“Our traditional banks, those household names, have played their part in this community over many years. It is a fact of business and a fact of life that survival and growth can only be achieved through an ability to evolve and innovate.

“Legacy industries the world over have lost that ability and the future belongs to those who can quickly lay a foundation for growth, respond to emerging trends and preserve a reputation for sound management in the process. For countries it is no different, Bermuda must be nimble or we will be left behind.”

You can read the full story here on CCN.

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Comments (10)

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  1. inna says:

    What is the point of annoucing an announcement ?

    • Justin Sun says:

      Announcing announcements is crypto marketing 101.

      • Retro says:

        Lol ! Too true. They also like to convolute things to the point of incomprehension. But ,for sure, it’s the FUTURE.

  2. Not Exactly says:

    If this is real, unlike the MOU monies announced in the past, then this is good news for legitimate FinTech companies to set up here. Fingers crossed.

    • question says:

      Really? No existing legitimate bank will do business with them. But we suddenly bend the rules to allow a new bank, with lower standards, to set up.
      And this is supposed to be their master plan?

  3. eyes wide open says:

    More propaganda by the plp.

  4. Joe Bloggs says:

    I just hope Bermuda does not get the same reputation from fintech banks that some islands to our south have got from traditional (yet shady) banks

  5. Are You Kidding Me says:

    Please folks don’t fall for it.

  6. MB says:

    Government need to be very careful on this ico crypto push. A lot of icos are proving scams, and web searches of the people behind them for at least 3 ones who are announced as setting up in Bermuda, apparently with govt approval, reveal all manner of lawsuits, and business failures. Anyone noticed any activity at Victoria Hall…other than its falling apart? Thought not.

    • you know says:

      what’s the deal with Arbitrade? Whats island sentiment?