Bermuda's crypto efforts make New York Times

Jonathan Kent, Business Editor

Published Jul 31, 2018 at 8:00 am (Updated Jul 31, 2018 at 12:30 am)

Media exposure: in this picture that was published by the New York Times, David Burt, the Premier, appears impressed by Zhao Changpeng’s Bermuda shorts at the press conference when the CEO of Binance signed a Memorandum of Understanding (Photograph by the Department of Communications)

Bermuda was featured in a New York Times article about the race to become the “go-to destination for cryptocurrency firms” looking for shelter from regulatory uncertainty in the US and Asia.

The article, published on Sunday, highlights Bermuda, as well as Malta and Gibraltar, as jurisdictions that have passed legislation to try to lure cryptocurrency businesses.

The article, by Nathaniel Popper, quotes David Burt from an interview he gave in May at a cryptocurrency conference in New York, as saying: “We are 65,000 people, and 20 square miles, but we have a very advanced economy. We want to position Bermuda as the incubator for this industry.”

The article goes on to describe Bermuda as “a leading player”.

“Apart from passing the law to allow for fast approval of initial coin offerings, the British territory has a law in the works to open the doors to cryptocurrency exchanges and related services,” the Times reports.

“Mr Burt said his government was modelling its approach on one it had taken with the insurance industry, in which Bermuda has become a major player.”

Will McDonough, a the founder of a new cryptocurrency called iCash, told the Times that he had decided to base his company in Bermuda because of the island’s experience in international finance and the Government’s willingness to listen to the company’s input.

“The largest issue blockchain companies have is not knowing how they’ll be governed or regulated,” Mr McDonough said. “Those markets that have made the rules clear have found many companies coming to play by the rules.”

While he said he would continue to be based in Florida, he planned an office and a head of operations in Bermuda, which the island requires of all companies.

The article also features a picture of Zhao Changpeng, chief executive of the Binance cryptocurrency exchange, wearing Bermuda shorts at a press conference alongside Mr Burt and other members of the Cabinet, when Binance announced early this year an agreement to set up a compliance operation on the island.

• The full article is available at https://goo.gl/AtZuLQ

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