Bermuda Launches Government Cryptocurrency Task Force

November 24, 2017 9:28 pm Published by
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The government of Bermuda announced that it was forming a blockchain task force to help cryptocurrency grow in the British overseas territory this week, according to CoinDesk.

The island’s premier, David Burt, and national security minister, Wayne Caines, gave a press conference to discuss the new working group that hopes to advance Bermuda’s regulatory environment for “tokenised securities, tokens, cryptocurrencies, and initial coin offerings (ICOs).

The coalition will involve the Blockchain Legal and Regulatory Working Group and the Blockchain Business Development Working Group who will help assist in developing the technology on the island, according to the press release.

“There are significant opportunities in the sphere of cryptocurrency, but that window is getting smaller and moving faster than ever before,” said John Narroway, chair of the Blockchain Business Development Working Group.

Narroway also said that the working group would examine the opportunities in the cryptocurrency ecosystem and would be “zeroing in” on the “key” areas for further action.

The Bermuda Business Development Agency (BDA) agreed to partner with the government in order to expand the initiative.

Ross Webber, CEO of the BDA, said they hope to bring new business to the island which would help improve employment and boost the GDP.

Premier Burt also said there were plans to begin a regulatory framework for distributed ledger technologies (DLT) that would begin next year since Bermuda “is considering a complementary regulatory framework covering the promotion and sale of utility tokens, aligned with the DLT framework.”, Maureen Foody

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