Minister Caines - Fintech release

Tuesday, July 10, 2018
The Hon. Wayne Caines

With the gazetting of the IC regulations today, the Minister of National Security, the Hon. Wayne M. Caines, JP, MP, commented that Bermuda’s Fintech strategy is aimed at capitalising on new opportunities to foster innovation, create economic diversification and growth, and provide jobs.

The Minister noted that Bermuda is emerging as a major leader in the area of Fintech, and “we've made significant strides in the last six months”.

He continued, “That said, I must stress that all companies wishing to launch an ICO or run a digital exchange in Bermuda are subject to a stringent assessment and review process. This is consistent with the Digital Asset Business Act 2018 and the ICO Legislation of 2018.

“The regulatory framework crafted jointly by the BMA, the Bermuda Government and administered by the BMA, employs a robust programme of vetting and analysis that is built to affirm the quality of new applicants. The application requirements are structured to mitigate risks to consumers, investors and the reputation of Bermuda. To be clear, once the Acts fully come into effect, any company will need to follow the application process. Therefore any discussions about potential offerings or exchanges are premature.”

Minister Caines concluded, “We will ensure transparent and open oversight. Once the Fintech Development Fund comes into effect this will provide an opportunity for organisations to support the growth of our Fintech industry as well as support Bermuda's community, social and educational programmes.”