Bermuda to create a new class of banks for fintech

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The Government of Bermuda is looking to create a new class of banks to encourage the local fintech and blockchain companies.

By amending their Banking Act, the British island territory is bidding to rebrand itself as an outlier destination for fintech innovations.

With intentions to attract companies in the blockchain and virtual currency space, the Bermuda government recently passed an ICO Bill and Digital Asset Business Act as well.

Following the upcoming amendment to the Banking Act, terse consultation will be held with local banks, who have been unwilling to provide banking services to new fintech companies due to regulatory barriers and an aversion to risk.

 

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