Cryptocurrency and ICO news 03.07.2018
Bermuda to establish a bank for serving fintech and blockchain companies
The Government of Bermuda has announced plans to make amendments to the Banking Act in order to establish a new class of bank to render services to local fintech and blockchain organizations.
Since local banks have reportedly declined to provide banking services to the new type of companies, being concerned about regulatory issues and potential risks, the government of the island has consulted with them to develop an update to the Banking Act.
Bermuda has already taken a number of steps to strengthen its blockchain and crypto-friendly position. In April, Bermuda signed a $15 million memorandum of understanding (MOU) with Binance Group, the company behind leading cryptocurrency exchange Binance, to establish funding for educational programs related to fintech and blockchain. Later, the Government signed a MOU with Shyft network, which will reportedly provide $10 million on blockchain technology education and economic development on the island.