Although most of the cryptocurrency regulations in the past have left crypto investors in the state of worry, the case with Bermuda is completely a different one. Bermuda’s regulatory body – The Bermuda Monetary Authority (BMA) – has proposed a regulatory bill which aims to promote and foster the development of the country’s cryptocurrency industry.

As reported by The Royal Gazette, the bill looks to encompass a large number of blockchain based cryptocurrency related activities thereby creating a complete ecosystem which provides fintech firms with the necessary conducive environment for growth.

Last Thursday, while presenting “Bermuda’s fintech strategy” to a group of businessmen, Wayne Caines – Bermuda’s minister of National Security said that Bermuda is emphasizing to “become a global leader in the fintech space.” Canes also stated that Bermuda’s government “recognize[s] that there’s significant interest in virtual currencies and blockchain technology.”

Caines referred to this proposed regulations as a “landmark legislation for Bermuda” while adding that “The emergence of new financial products and services created through the use of technology has opened new and exciting opportunities for entrepreneurs and businesses.”

While promoting the growth of the crypto industry, the Bermuda government at the same time wants to ensure that they can effectively combat the use of cryptos for illicit activities and minimize it by taking necessary security measures.

Hence all the crypto exchange operators, fintech firms, wallet services and other need to ensure that their customers are KYC verified. Moreover, in order to prevent any growth of dubious services, a business providing the crypto services also need to make sure that they get the official license of operation from the regulatory authorities.

The proposed bill also talks about creating a healthy environment for ICO organizers to operate in Bermuda. Unlike other nations, Bermuda aims to promote this fundraising activity by businesses which it calls to be a potential tool for business development.

Mr. Caines said:

“Embracing this new world with responsible regulation could lead to the attraction of new companies and capital investment to Bermuda; additional government revenues; new career, employment and training opportunities for Bermudians, and the laying of a foundation for a prosperous future for our next generation of Bermudians.”