Premier On FinTech, Economic Growth, More

January 12, 2022 | 13 Comments

“Bermuda is gaining momentum,” said Premier David Burt as he outlined the activity in Bermuda’s fintech sector, with the Government noting that the Premier is in Switzerland this week following an “invitation to attend the Crypto Finance Conference to further promote Bermuda’s digital asset business sector.”

The Premier said, “Of the ten licensed digital asset business entities, six were licensed in 2021, including a digital asset insurer that is a digital asset smart contract powered platform that allows insurance entities to create fully-collateralised, fully digital, transparent, trustless and tradable reinsurance contracts.

“Another two digital asset insurer applications have been granted conditional approval with the licenses to be issued, and there are more insurance related interested parties in the pipeline desiring to integrate digital assets within their operating strategies.”

“Growing and diversifying Bermuda’s economy is the Government’s #1 priority. Every opportunity must be taken to develop this sector which represents a unique chance for Bermuda to pivot from the challenges of the pandemic into greater economic growth in 2022 and beyond.”

The Premier indicated that, in addition to that mentioned above, he had “been made aware of at least fourteen digital asset business applications in the pipeline at various stages, from already received conditional approval to expressing an indication that they plan to make an application imminently.

“Our hope is that by the summer the BMA’s digital asset business register may be double its current size,” he said.

Premier Burt added: “A bank which utilizes digital assets within its business model has also been approved with the license to be issued. That bank was attracted by the digital asset business framework. And we have seen interest from more banks tied to this sector. There is hard work being done in this area and Bermuda has been well-positioned for the growth that is occurring.”

The Government noted, “While the Premier is attending the conference, he is also working on Government Business remotely having met today with both the Governor for his weekly meeting and the Minister of Finance to advance budget discussions for next year’s Budget. The Premier returns to the Island on Saturday.”

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Comments (13)

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  1. Rig says:

    Crypto is absolute folly, it hasn’t returned a dime to the island.

    Meanwhile the island drowns in incompetence.

    Can we please get rid of this holidaying clown.

  2. Lisa says:

    The only piece of FinTech that’s making money in Bermuda is the stupid travel authorization form they insist on keeping until April 2023. While simultaneously sucking the life out of the rest of our economy. Nice one!

  3. Hope? says:

    Please demonstrate how Crypto will benefit the everyday Joe and all those going to food pantries because of this terrible unjust economy for so many?

    • Joe Bloggs says:

      Since you asked, on this date in 2020 1 Bit coin (BTC or XBT) was worth about US$8,000 (value fluctuates throughout the day). On this day in 2021 1 BTC was worth around US$35,000, an increase in value of 43.75%. Today 1 BTC is worth US$43,000, a further increase in value of 22.86%. 1 BTC was worth US$67,500 on 10 November 2021.

      So, for the average Joe with money to speculate with BTC is a good investment if you get in at the right time.

      It is also worth noting that the U.S. Government believes (and has said many times) that one-half of all “white collar” crimes use crypto-currency to avoid detection. Read into that what you will.

  4. Jerry says:

    Cant he attend on zoom ? The rest of us do

  5. Unknown800k says:

    This guys a dreamer, just like the casino will be open by summer, wait until he creates his app to do away with TA form.
    He seems to be the only one not hurting. He’ll have his seat on a bank board shortly

  6. comfortably numb says:

    Mr. Um, Err,Um, Err racking up the air mikes again. Fin tech is a very risky area of finance with many a con man lurking in the shadows. However, our Premier would never be fooled by a conman would he? Oh, wait a minute……….

  7. Question says:

    They have completely lost the plot. The utter incompetence should now be evident to everyone.

  8. Mr. Owl says:

    Crypto – the go to for the criminal and corrupt. Why would we want Bermuda associated with this?

    • Dejavu says:

      Your ignorance is terrifying lol there’s nothing wrong with cryptocurrency it’s the future. The problem is bermuda is not recognized on any cryptocurrency exchange which is a joke because 4 different crypto companies are registered in bermuda. Burt is like most of bermuda living in the past and don’t understand new technologies

  9. Ian says:

    How exactly is this going to help the average Bermudian? These companies are not bringing jobs to this island.

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