While some governments say they see the potential future benefits of a local cryptocurrency hub, more proactive jurisdictions are already reaping the rewards. The latest example comes from Bermuda, which is rapidly advancing its receptive crypto regulations and strengthening the local economy.
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Binance Brings Jobs, Education and Investment
The Premier of Bermuda, Edward David Burt, announced on Friday his government’s new partnership with cryptocurrency exchange Binance. Under the signed agreement, the company is to establish a Global Compliance Centre in the country creating forty jobs. Binance will also invest $10 million in education for local residents, and $5 million in Bermuda-based blockchain companies.
While far from Binance’s Asian roots, Bermuda is an ideal choice for a global compliance department. The official language is English, it is an established offshore financial hub and as a self-governing British Overseas Territory offers a legal system similar to those in other commonwealth countries such as Australia and Canada. Additionally, the local government is advancing a welcoming regulatory environment for cryptocurrency firms.
Proud to announce @BdaGovernment’s partnership with @binance to establish a Global Compliance Centre in #Bermuda creating 40 jobs. Binance will invest $10 million in education for #Bermudians, and $5 million in #Bermuda based blockchain companies. pic.twitter.com/UxKmNdRPUM
— Premier David Burt (@BermudaPremier) April 27, 2018
Bermuda Sets Up Legal Framework
Also on Friday, Bermuda’s Virtual Currency Business Act passed through the House of Commons in the UK. The bill is expected to pass the Senate this week, and as we reported earlier, seeks to foster the development of the local cryptocurrency industry. It covers
