Bermuda Fintech regulation wins spotlight at Consensus 2019

Bermuda highlighted its world-respected regulatory and legal framework for fintech business, as a delegation of government and industry experts returned for a second year to “Blockchain Week” in New York for Consensus 2019.

Premier David Burt, accompanied by Finance Minister Curtis Dickinson and Bermuda Business Development Agency CEO Andy Burrows, led a group of regulatory and industry representatives to the annual three-day midtown conference. Along with a business development team from the BDA were Assistant Financial Secretary Stephen Gift, Chief Fintech Advisor to the Premier Denis Pitcher, and fintech experts from the Bermuda Monetary Authority (BMA), Deloitte Bermuda, PwC Bermuda, and global law firms Appleby, Conyers, and Walkers.

“Events like this are important because they bring a lot of the major players from well-established companies that are going to be the largest companies of the future,” said the Premier. “It’s a long-term investment and it takes time to build relationships, but this has given us the opportunity to talk about the innovative work Bermuda has been doing and to raise our jurisdiction’s profile in this space. We’ve had meaningful discussions with companies that want to set up in Bermuda, with those already in the process of setting up, and with some who are investing in companies that want to set up in Bermuda.”

Bermuda’s fintech environment has evolved substantially the Premier noted, with key initial coin offering (ICO) and digital assets business legislation now in place, along with a dedicated fintech unit, regulatory sandbox, and Innovation Hub at the BMA. “That certainty is now paying dividends,” he said, “and we are attracting interest from excellent prospects. It bodes well for the future.”

Bermuda’s robust regulation won the spotlight Monday during a Consensus panel that featured the BMA’s Senior Advisor for Fintech, Moad Fahmi, along with peers from Japan and Australia. “It was a great opportunity to discuss regulation of digital assets with fellow regulators and industry bodies,” said Fahmi. “The digital asset industry is evolving rapidly and moving towards institutionalization. Our robust digital asset framework is fit for purpose to welcome entities looking to meet the Bermuda Standard.”