Caines confident on Bermuda’s fintech future

21-05-2018

Bermuda’s Minister of National Security Wayne Caines has claimed that the Island can become a major hub for financial technology (fintech).

Caines said in a speech in the House of Assembly that Bermuda has connected the fintech dots. “We have linked government leadership, regulatory and legislative strength, public-private sector partnerships with innovation, efficiency, and transformative thinking,” Caines said, adding that based upon the feedback, and outcomes from the recent Consensus 2018 conference in New York, Bermuda can confidently stake its claim as the jurisdictional home and future of fintech.

Consensus 2018 saw the participation of a large delegation from the Bermudian Government, along with regulators and members of the financial industry.

The Minister pointed out that Premier David Burt addressed conference delegates on the first day of Consenus 2018 and that his presentation served as the introduction for a midday panel on regulation highlighting the island’s quick progress to become a global hub for fintech enterprises and innovation through ground-breaking legislation that will govern the regulation of digital asset service providers.

“The discussion centred on the balancing act required of legislators, and governments, as we seek to balance protection of markets and national security with the nurturing of this unique emerging technology,” said Caines.  “The Honourable Premier outlined the island’s commitment to innovation, welcoming quality players in the blockchain space and warned any potential bad actors that Bermuda would certainly be the wrong choice of jurisdiction, as our regulatory regime was built for entities with integrity and a commitment to compliance.

“Blockchain technologies are being touted as the “internet 3.0” by the tech cognoscenti.  2018 marks a greater visibility of this technology even by those not a part of the blockchain insider circles. The volume of blockchain media coverage has exploded.  Indeed coverage of Consensus 2018 extended beyond the trade outlets into mainstream media.”

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Bermuda Re