22 Nov 2017

Cryptocurrency Task Force Announced

Premier the Hon. David Burt held a press conference introducing Bermuda’s two cryptocurrency task forces.

Today I am pleased to update international investors and our local community on the work that the Government of Bermuda is doing in an important area of technological advance that is happening globally.  

There has been a lot of attention and focus globally on advances that have been made using Distributed Ledger Technologies (DLT). Recognizing the opportunities for economic growth that this area of the technology industry can provide I have directed that the government move aggressively in this area to ensure that Bermuda and Bermudians can benefit. 

To make this a reality, Bermuda requires a regulatory framework for Distributed Ledger Technologies which will become operational in early 2018 which will regulate the activities of firms, operating in or from Bermuda, that use DLT to store or transmit value belonging to others, such as virtual currency exchanges, coins and securitized tokens.

To advance this project, responsibility for ICT Policy and Innovation has been transferred to the Minister for National Security - Minister Wayne Caines. A Task Force has been set up, under the direction of the Minister of National Security, to develop and implement a strategy that aids Bermuda in entering this exciting area.

The challenge will be in figuring out how Bermuda can set-up an industry that ensures cryptocurrencies are well-regulated, is a safe environment for cryptocurrency firms to grow, whilst also ensuring that this new regulatory environment protects both consumers and the reputation of the jurisdiction with specific attention being given the out Anti Money Laundering and Anti-Terrorist Financing Obligations. 

The Task Force will be broken up into two teams: a Business Development Working Group and a Legal and Regulatory Working Group.  Members of the Task Force will comprised Government technical officers, officers from the BDA, as well as legal and industry specialist in FinTech. I am pleased that some have joined us here today. 

Ms. Lydia Dickens, Director of the Business Development Unit in the Ministry of Economic Development and Tourism will lead the Legal and Regulatory Working Group.   

Mr. John Narraway of the Bermuda Business Development Agency will lead the Business Development Working Group. 


Read 739 times Last modified on Wednesday, 22 November 2017 13:53
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