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Premier speaks at OECD forum in Paris

The Premier and the Minister of National Security launched a dual financial technology charm offensive in Europe.

David Burt, also the finance minister, told a blockchain policy conference in Paris that Bermuda had become “a world leader in regulation of the fintech industry”.

Meanwhile in London, Wayne Caines, spoke about Bermuda's role in the blockchain industry at a forum in London.

Mr Burt emphasised Bermuda's advances in initial coin offerings and digital asset legislation, including two laws passed in May to govern ICOs.

The Premier also discussed the Digital Asset Business Act and related legislation, which are administered by the Bermuda Monetary Authority.

Another topic for discussion were amendments to Bermuda's banking laws to create the Restricted Banking Act which allows banks to set up in Bermuda and serve companies providing digital asset services.

The Premier was speaking at an Organisation for Economic Co-operation and Development conference, hosted by Ángel Gurría, the Secretary-General of the OECD.

The forum, called “Distributed Ledgers: Opportunities and Challenges”, was chaired by Anne McElvoy, a senior editor at the respected business magazine The Economist.

Mr Burt, speaking after the forum, said the island was “already well known as the risk capital of the world” and the world's leading catastrophe bond market.

He asked international organisations, including the OECD, to “not only do the work to combat financial crime, but ensure that innovations like distributed ledger technology can make that fight more effective while not causing the collateral damage to citizens, business, and countries”.

Mr Burt said the island was “on track” to introduce electronic identification, or E-ID, later this year.

He added: “We plan to leverage our ability to be nimble, our experience in crafting and enacting quality regulation and our business-friendly environment to continue to deliver to the world a prime jurisdiction for digital financial assets.

“The world's future will be fuelled by continued technological innovation of digital assets based on the trusted nature of distributed ledger technology.

“Bermuda is committed to building a model platform that will prepare us for that future and we look forward to working with the OECD to ensure that Bermuda can serve as an example for how other states can help their populations achieve the OECD's mission of improving the economic and social wellbeing of people around the world.”

Wayne Caines gave a keynote address called “The New Bermuda Triangle: fintech, Blockchain & ICO's” at London's World Blockchain Forum.

Mr Caines said leaders in the industry “want to learn more about our innovative strategy”.

He added that it had been “good to share the Bermuda story with industry experts”.

The three-day forum, which concludes today, brought together industry leaders, economists and investors from around the world.

Spreading the word: David Burt, the Premier (File photograph)

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Published September 05, 2018 at 9:00 am (Updated September 05, 2018 at 9:00 am)

Premier speaks at OECD forum in Paris

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