It is only a region’s financial regulators that can make policies to encourage crypto adoption and Bermuda's government is pretty forward thinking. Bermuda is slowly turning out to be one of the top destinations for crypto startups. Notably, they join an array of Island nations like Malta, Lichtenstein, and Gibraltar who are quickly hopping on the crypto bandwagon to enjoy the first mover’s advantage.
The country launched a special task force to understand and implement blockchain technologies last year. The goal of the organization was to advance the regulatory environment and develop the country to be one of the most popular destinations for cryptos, utility tokens, and coin offerings.
To regulate the ICO market better, Bermuda has launched a regulatory sandbox. Additionally, they have made changes to the Banking Act to establish a new class of banks which are crypto friendly. Their government has approved significant MoUs with Binance and Shyft to invest in a range of blockchain education initiatives in Bermuda. The local population can thus have more of an organic understanding of the country’s problems and how they can be solved by blockchain.
Distinctly, the country has financial backing from British banks. They have already done a good job making a robust FinTech infrastructure but Blockchain reinforces it further. The Bermuda Business Developments Agency had earlier released a report that said the country hopes to generate about $286 Million USD through 1000 blockchain jobs in the territory.
Although opening a business in Bermuda is not as easy as doing so in many US states such as Delaware. The country implements various due-diligence exercises and needs data about the company funding and structure that many other locations do not require, which can take a few weeks. These strict policies make sure fraudulent companies do not take advantage of their nourishing and supportive environment.