Column: Crystal Caesar On FinTech Industry

August 24, 2021 | 0 Comments

Crystal Caesar Bermuda June 2021[Opinion column written by MP Crystal Caesar]

You’ve seen the sensationalist headlines about a person who met with the Government to present their business operations years ago, never got licensed in Bermuda and ran afoul of the law! Naysayers want you to believe there is guilt by association.

The reality is, Bermuda has established a strong, sound, and globally recognized regulatory environment for good actors in the FinTech industry to grow and thrive.

The burgeoning industry has already created over 60 jobs here in Bermuda and we’re just getting started. The companies that have received licenses under the Bermuda Digital Asset Business Act had to go through strict compliance checks overseen by the Bermuda Monetary Authority and are well vetted. As a result, job creation and investment in Bermuda is underway.

Those that attended Cup Match saw Stablehouse emblazoned on t-shirts. That’s just one of the countless businesses who has chosen Bermuda as its home. Just the other day, Circle announced jobs open to Bermudians and training opportunities for Bermudians interested in getting into the Fintech industry. Isn’t that exactly the type of business we want to attract to our shores? Not only are they establishing themselves here but they’re investing in Bermudians.

Further, those that obtain licenses are upholding a high standard thanks to our Regulatory Authority. Are we saying that FinTech is going to solve all our economic problems overnight? Absolutely not! We never pledged that it would bring change overnight and no new burgeoning industry ever has. It takes time to build something stable, sustainable and sound. We did pledge in our platform that we would build a foundation to provide long term economic benefit to our island and that’s exactly what we are doing.

We should be proud of our small, but mighty, 21-mile jurisdiction leading the way in this novel industry. Let’s come together and send a message to the world that our FinTech industry is well regulated and well regarded.

Let’s work collectively to attract other businesses like Circle and Stablehouse to our shores, that will lead to more opportunities for Bermudians. Let’s not let our FinTech industry, and the foundation that we are building for a new and exciting sector of our economy be tarred by negative headlines.

Let’s trust in the expertise of the Bermuda Monetary Authority and the innovative environment Bermuda is developing under which job creating businesses are beginning to thrive. Let’s encourage this industry, encourage more Bermudians to be involved, welcome new businesses, new ideas, and new opportunities for our country.

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