Bermuda signs up to new blockchain partnership

Bermuda Premier David Burt has announced a $10-million partnership with blockchain network Shyft as he attended the cryptocurrency conference Consensus 2018 in New York.

Burt is a leading member of a 20-strong Bermuda delegation at the cryptocurrency conference, held during New York “Blockchain Week.”

The Bermuda’s government has signed a memorandum of understanding with Shyft, a global blockchain-based network offering data protection for governments, industry and consumers. Under the agreement, Shyft will commit $10 million to create new jobs, help re-skill labour, and invest in businesses, education and infrastructure, as well as collaborate on creating a robust legal and regulatory framework.

“The government of Bermuda has decided to lead the way and build interoperability into legislation, in essence, approach regulatory frameworks with exportability in mind,” said Burt, who lauded an additional joint venture announced between Shyft and Bermuda’s Trunomi, adding both partnerships would bring robust levels of blockchain certainty to the island’s know-your-customer and anti-money-laundering protocols and processes.

The Premier and Bermuda group, comprising members of industry, the Bermuda Monetary Authority (BMA), and Bermuda Business Development Agency (BDA) were also invited to the Manhattan offices of global law firm Norton Rose Fulbright to talk about Bermuda’s economy and the island’s innovative approach to business. The Premier addressed an audience of nearly 100 of the firm’s lawyers from practice groups across all sectors who attended, as well as others connected via videoconference in Toronto, London, Munich, Frankfurt and the Middle East. Norton Rose Fulbright is ranked in the top five global law firms in the world, with more than 4,400 lawyers and 7,000 employees.

“We at the BMA have studied the fast-developing blockchain and virtual currencies sphere carefully and we’ve come up with legislation we believe addresses many issues,” noted Craig Swan, Managing Director, Supervision for the regulator. “We’re seeing that clarity is an attraction to many who realise they need to be in a well-regulated jurisdiction with credibility to transition to the mainstream. The new legislation serves to provide that.”