Bermuda will create a new type of banks for fintech and blockchain companies

Bermuda is preparing amendments for financial institutions. Thanks to them, fintech and blockchain companies will receive the necessary conditions for work.. A large number of fintech and blockchain companies are already operating on the islands.  

Previously, banks were unable to provide such services due to the lack of laws. As a result, many options were denied to companies. Today, given the active work on the formation of amendments aimed at changing the class of work of banks, the Bermuda economy will be able to receive additional support from new sectors..

Bermuda will create a new type of banks for fintech and blockchain companies

Earlier in Bermuda, some proposals have already been made on the formation of friendly conditions in the field of application of new technologies. So, in May, a memorandum was signed with the Shyft network in the field of training and improving the economic performance of the island. Earlier, in April, an agreement was reached with the Binance Group on the formation of educational programs. The Bermuda government clearly demonstrates its desire to get the maximum possible support from blockchain and fintech, which can have a positive impact on the local economy..

Earlier we wrote that Bermuda is planning to legalize ICO.

Blockchain in FinTech

Bermuda will create a new type of banks for fintech and blockchain companies

text: Evgeniya Likhodey, photo: Toronto star 

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