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Caines in London to discuss fintech strategy

  • Wayne Caines, the Minister of National Security, hosted an information session for the business community on blockchain and cryptocurrencies. (Photograph by Akil Simmons)

Bermuda’s plan to capitalise on financial technology like cryptocurrency has got a good reception from British business leaders, the Minister of National Security said yesterday.

Wayne Caines, speaking from London where the island this week launched a charm offensive on fintech, said: “We have received generally positive feedback both locally and internationally. We have received good reaction from the companies that are launching their own tokens, to the law firms and others who advise them.

“Additionally, the ecosystem and fintech community are very appreciative that Bermuda has taken the lead to provide a safe, fair and regulated environment, where clear guidance has been provided.”

He added: “Fintech innovation is happening globally at a rapid pace. We are an internationally recognised insurance and financial centre. With that in mind, we must continue to keep abreast of the changing business trends if we are to continue to thrive. “Additionally, as I have 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.”

He added: “The vision and path that Bermuda is taking thus far is being very well-received.”

Mr Caines said: “We recognise that this is new and innovative for Bermuda, so we will continue our primary role of ensuring that we provide as much information as possible, particularly as it relates to our proposed legislation and strategy.”

Mr Caines said earlier there was “considerable interest” in the island’s approach to blockchain and virtual currency.

He added: “We believe that Bermuda will become a global leader in the fintech space.

“So, this visit is quite timely as it allows us to share Bermuda’s fintech strategy directly with some of London’s key business industry influencers.”

Mr Caines, whose portfolio includes information technology, policy and innovation, will make a presentation to industry leaders at law firm Mishcon De Reya. He will also meet representatives of the City of London Corporation, UK Treasury officials, and the Financial Conduct Authority.

Mr Caines is also expected to meet British politicians.

The Companies and Limited Liability Company (Initial Coin Offering) Act was tabled in the House of Assembly last week.

The Bill, which will be debated at a later sitting of the House, is designed to make ICOs a restricted business activity which require consent from the Minister of Finance.

The next Bill to be tabled will be the Virtual Currency Business Act, which will set out regulations designed to govern virtual currency digital asset exchanges.

Mr Caines said yesterday: “The consultation process is currently under way and we anticipate tabling the next piece of legislation in early May.”