(BlockTribune) The government of Bermuda is planning to amend the country’s Banking Act in order to establish a new class of bank that will provide services to blockchain firms.
The upcoming amendments to the Banks and Deposit Companies Act 1999 is part of the government’s mission to put its name on the map as an outlier destination for FinTech innovation. The amendments would create a new restricted banking license and set out the sorts of services local banks could provide.
David Burt, Bermuda premier and minister of finance said: “… to date local banks have been unwilling to offer services to newly incorporated FinTech and distributed ledger technology companies. The simple fact of the matter is that the FinTech industry’s success globally depends on the ability of the businesses operating in this space to enjoy necessary banking services. In other jurisdictions, banking has been the greatest challenge and for us in Bermuda, it is equally so and must be resolved.”