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Bermuda’s trip to Consensus a reminder of our progress ‒ Burt

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David Burt, the Premier and Minister of Finance during a Coindesk interview this week (Photograph supplied)

Bermuda’s presence this week at the largest crypto conference event in the world is a reminder of how far the island has come in the digital-asset sector since 2018, the Premier and Minister of Finance said yesterday.

David Burt led an island delegation to Consensus 2024 in Austin, Texas, that included Craig Swan, the chief executive of the Bermuda Monetary Authority, and Kendaree Burgess, the chief operating officer of the Bermuda Business Development Agency, which hosted a Bermuda reception at Westside Rooftop on 121 E 5th Street last night.

Others in the 20-strong delegation included members of the BMA’s digital-assets division, staff of the BDA and representatives from the private sector including from law firms and the island’s digital-asset industry.

Mr Burt said the visit to Consensus included press interviews and meetings with people going through the set-up process in Bermuda, prospective new entrants to the sector on-island, members of law firms that are important from a referral perspective, company founders, investors in the sphere — as well as with US lawmakers and regulators.

The Premier said the BDA has been attending Consensus since 2018 at a time when the island was trying to establish itself on the digital-assets sector map — but today the island is well established in the area.

Mr Burt said: “People now know, recognise and understand that Bermuda is the gold standard of digital-asset regulation.

“In 2018, we were trying to be all things to all people, but now we don’t do photo ops until a company has gone through the licensing process.”

Since its early efforts in the digital-assets sector, Mr Burt said, government has “adjusted its strategy to attract high-quality companies that want to be regulated”.

He said members of the sector have told him that the BMA is “the best regulator they have dealt with”.

David Burt, the Premier and Minister of Finance with US congressman Raja Krishnamoorthi at Consensus (Photograph supplied)

Mr Burt said the presence of companies such as Coinbase, Circle, XBTO and others in Bermuda is a demonstration of how well established the jurisdiction is.

He said Coinbase’s exchange in Bermuda did $72 billion of business in the first quarter of the year.

Ms Burgess said: “It’s my very first Consensus, and it is clear to see why Bermuda should be here.

“There is a real opportunity for Bermuda here in the sector, and in my meetings here people have shown significant interest.”

Consensus is recognised as the world's largest, longest-running and most influential gathering in the industry.

Consensus by Coindesk said it brought together professionals from the blockchain, crypto, decentralised finance and Web3 communities to discuss challenges, foster innovation and engage in critical conversations about the industry.

The event wraps up today at the Austin Convention Centre.

Kendaree Burgess, chief operating officer of the Bermuda Business Development Agency (File photograph)

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Published May 31, 2024 at 8:00 am (Updated June 01, 2024 at 8:12 am)

Bermuda’s trip to Consensus a reminder of our progress ‒ Burt

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