The government of Bermuda has decided to make necessary changes to its Banking Act in order to reduce the regulatory barriers which are currently imposed on the banks. The main reason for this change was the banks being not eager to work with upcoming FinTech companies. The government felt that this could hamper ICO profits and growth of the country and thus they felt the need to change the Act.
With this change in act, Bermuda has joined the likes of Switzerland, Malta, and Estonia to become the crypto-friendly nation. Initially, almost all the local banks of Bermuda showed their disinterest in lending banking services to the upcoming fintech sector. The main reason for the banks’ unwillingness was that the risks and many regulatory barriers which were imposed for working in this sector.
The British Island is certainly not the first country to open doors for the upcoming Fintech landscape. Malta has earlier welcomed cryptocurrency
startups such as Binance and wants to become the next blockchain Island which will increase ICO profits. Estonia also has a fruitful meeting with Blockchain based startups and showcased the monument in March 2018.
Binance founder Zhao Changpeng had already mentioned that Malta is a very crypto-friendly country and it was very progressive when it came to fintech and Crypto. Back in the time Maltese Prime minister also tweeted a welcome tweet for Binance and pledged its support for the crypto industry.
Malta Global Hub For Cryptocurrency?
According to report in Blokt, Malta also has plans to start a digital innovation authority which will take care of the outlining of the legal framework which ICOs have to go through. The authority will also be in charge of verification of blockchain based companies. It is still not sure if the island will become a global hub for cryptocurrency. But their openness towards the industry is in self a very big step for the upcoming Fintech sector and can earn good ICO profits.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]