Bermuda is moving forward on virtual currency legislation as it seeks to attract fintech entrepreneurs, the country’s Minister of National Security noted during an overview of its proposed fintech regulatory framework at the Bermuda Underwater Exploration Institute, according to the Royal Gazette.
The minister, Wayne Caines, gave the presentation to a standing-room-only audience. Next month, the Virtual Currency Business Act is scheduled for discussion. The Virtual Currency Business Act has been proposed despite the fact that there are no examples to follow, said Kevin Anderson of the Bermuda Monetary Authority, the financial-services regulator.
The act will be a “shining example” for what Bermuda can accomplish, he said. A 150-page paper on the Virtual Currency Business Act was posted on the BMA’s website. Feedback must be submitted by May 2.