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Burt: Fintech gaining momentum

Bright future: David Burt, the Premier

The number of digital asset businesses registered in Bermuda could double in the next six months, according to David Burt, the Premier.

Mr Burt added that Bermuda is “gaining momentum" in the digital asset business sector, and that it was essential that the island diversified its economy.

Mr Burt made his remarks at a crypto finance conference in Switzerland.

According to a government spokeswoman, the Premier said: "Of the ten licensed digital asset business entities, six were licensed in 2021, including a digital asset insurer that is a digital asset smart contract powered platform that allows insurance entities to create fully-collateralised, fully digital, transparent, trustless and tradable reinsurance contracts.

“Another two digital asset insurer applications have been granted conditional approval with the licenses to be issued, and there are more insurance related interested parties in the pipeline desiring to integrate digital assets within their operating strategies."

"Growing and diversifying Bermuda's economy is the government's number one priority. Every opportunity must be taken to develop this sector, which represents a unique chance for Bermuda to pivot from the challenges of the pandemic into greater economic growth in 2022 and beyond."

Mr Burt said that had been made aware of at least 14 further digital asset business applications in the pipeline at various stages, from already received conditional approval to expressing an indication that they plan to make an application imminently.

"Our hope is that by the summer the BMA's digital asset business register may be double its current size,“ he said.

"A bank which utilizes digital assets within its business model has also been approved with the licence to be issued. That bank was attracted by the digital asset business framework. And we have seen interest from more banks tied to this sector. There is hard work being done in this area and Bermuda has been well-positioned for the growth that is occurring."

The spokeswoman added that while the Premier is attending the conference, he will be working on government business remotely.

The spokeswoman said that Mr Burt had had a meeting with the Governor yesterday and held budget discussions with the Minister of Finance. The Premier will return to the Island on Saturday.

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Published January 13, 2022 at 7:58 am (Updated January 13, 2022 at 7:58 am)

Burt: Fintech gaining momentum

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