Bermuda’s second largest industry is tourism, and with good reason. The British Overseas Territory might only be a 21-mile long island, but that hasn’t stopped it for being an international destination for its beaches and golf courses.
It is also globally known as an offshore financial center, and its proximity to the United States has helped fuel the local economy to the point where the country boasts one of the highest per capita incomes in the world.
When one considers that the United States is still debating on how to regulate cryptocurrencies, Bermuda has become a logical location for blockchain businesses to set up shop.
While other countries are still figuring out how to tackle the cryptocurrency markets – Bermuda clearly wants to embrace them. In fact, last year, they announced the formation of a task force to examine how Bermuda could become a destination for blockchain-based enterprises.
Earlier this year, the Bermuda government passed some of the most progressive ICO legislation in the world, stating explicitly that they believe the fintech industry in Bermuda “can provide economic diversification, bring new business to the island, boost GDP, and create meaningful jobs”.
The attempts to market the country as pro-crypto have paid off, as the world’s largest cryptocurrency exchange by daily volume, Binance, has invested $15 million into the country in order to develop a global compliance center.
Binance CEO Zhangpeng Chao praised Bermuda’s government and regulatory organizations, stating that they “are one of the most approachable on the planet”. He elaborated that the company would “commit to helping the local economy”.
The money invested was done through the Binance Charity Foundation, with the majority – $10 million – towards educational programs involving blockchain technology. The remaining $5 million will be allocated to local blockchain startups in Bermuda.
There are many in the cryptocurrency world that consider Malta “Blockchain Island”, as its own Parliamentary Secretary has been vocal about the country’s plans to be the leading cryptocurrency nation in the world. However, there is no denying the fact that Bermuda is catching up.
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