The Bermuda authorities plan to revise the Banking Act striving to set up a new class of financial institutions that will deal in the fintech and blockchain field.
The local banks are concerned about the regulation issue and risks, and thus they refuse to provide services for the new companies. In this situation, the government held talks with the representatives of the banks discussing the introduction of the revised Banking Act.
The new bill has been already presented in the parliament, while Bermuda prime minister said that the position of local banks should not blockade the realization of the promised economic upturn on the islands.
"The fintech industry’s success globally depends on the ability of the businesses operating in this space to enjoy the necessary banking services. In other jurisdictions, banking has been the greatest challenge and for us in Bermuda, it is equally so and therefore it must be resolved,” commented prime minister.
Earlier, it was reported that Bermuda authorities were working on the bill to legalize ICOs, which might lure many financial companies to the region. It is worth mentioning that with plans to invest $15 billion in Bermuda-based blockchain projects, Binance also takes part in the crypto regulation formation on Bermuda islands.