Distributed Ledger Technology (DLT) has pursued its purpose down the lane of the Bermuda Island, seeking to destabilize the middleman-system inefficiencies constructed by capitalism within the economy.
Clearly, the blockchain enterprise and its derivative initial coin offering have revolutionized the global economy. These sudden technological terms have become internet clichés driving startup and expanding Fintech enterprises. The total funds accrued to this point have been equated to challenge traditional venture capital funding. Even more, nations around the world are increasingly becoming responsive and racing to provide jurisdiction-friendly regulatory policies that would impact their economy positive.
The Bermuda Government isn’t slacking, showing support for blockchain companies and technologies; has announced its profound interest in the development of blockchain technologies and backing up its claim by setting up two sets of elite task forces who would be responsible for strengthening and strategizing in both the business and legal aspects of DLT, channeling the application of this venture to the good of the Bermuda economy.
The Premier is quite optimistic, leveraging on the island’s efficient compliance regime; that the decentralized ledger technology will set Bermuda on a favourable spot on the globe as a friendly jurisdiction for ICO and cryptocurrency nursery; therefore, aims at Q1 of 2018 for the release of legislative policies that will regulate the operations of firms using digital ledger technology. This legislation among other things will oversee; Know Your Customer (KYC), Anti-Terrorist Financing (ATF) and Anti-Money Laundering (AML) policies that will protect investors and maintain the integrity of the jurisdiction.
Decentralized Ledger Technology (DLT) architecture has a wide range of possible applications, most of which are yet to be defined due to the limitations of the current knowledge-base, however, it provides an ample opportunity for stakeholders in the Fintech enterprise to explore the vast nature the DLT protocol thereby expanding the practical use case demand by linking to real-world backed assets.
John Narroway, the chairperson in charge of the DLT business development group, has opined that the opportunities present within the cryptocurrency industry is finite and getting slimmer by the moment.
Other stakeholders have advanced the DLT knowledge base within the area by demystifying the phenomenon; such activities as seen through conferences held by R3, – a blockchain research and development company leading a syndicate of over 70 global financial institutions, whose insights provided a fundamental view of the blockchain relative to the finance and insurance sector, as a time-stamped record that remains immutable being distributed across several networks globally can serve to save audit expenses across many industries.
Moreover, Ambika group is willing to establish its global blockchain platform in Bermuda creating a pioneering opportunity for other DLT startups to incline towards the jurisdiction for blockchain establishment.
The future of blockchain technology in the Bermuda island looks promising, and would from the moment of the announcement, attract many Fintech investors to establish or expand their services. Although, it would require them to walk on a tight rope as it would open new channels for ICOs to express new heights of their potentials but regulatory policies may also challenge startups. However intrinsic details of the nature of regulatory policies as it currently relates the island are yet to be unveiled as the new task forces are currently working side by side to ensure the profitability of the blockchain enterprise to the host economy, intending investors and other stakeholders.