MPs approve updates to fintech legislation

  • Sessions House (Photo by Akil Simmons)

    Sessions House (Photo by Akil Simmons)

MPs agreed on Friday to update legislation covering the island’s fintech industry.

The House of Assembly heard that the industry was evolving rapidly, requiring the island’s laws to keep up.

The Digital Business Amendment Bill 2019 tweaked legislation approved last year for the Bermuda Monetary Authority’s oversight of digital asset businesses, and introduced new licensed business activities.

The Opposition supported the move, but Scott Pearman of the One Bermuda Alliance said there appeared to be “a desire to rush through legislation” requiring amendments later on — and Michael Dunkley, an OBA backbencher, told the House: “At the end of the day, promises are being made and reality is not being met.”

Mr Dunkley said that blockchain technology had not produced a third pillar for the island’s economy.

Curtis Dickinson, the Minister of Finance, responded: “We should operate by the principle of let’s not let the perfect be the enemy of the good — time has now moved on due to the ever-evolving nature of this industry.”

David Burt, the Premier, said that eight fintech companies had established offices on the island with 31 people working in the industry, 15 of them Bermudian, with “more to come”.

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Published Sep 30, 2019 at 8:00 am (Updated Sep 29, 2019 at 7:02 pm)

MPs approve updates to fintech legislation

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