The Bermuda government has launched a working group focused on the Blockchain to promote the trade of crypto-currencies in the overseas territory of the uk. During a press conference organized by the Prime minister of the island, David Burt, and the minister of national Security, Wayne Caines, the new working group has been established to promote the regulatory environment of crypto-currencies and ICO, as has already been done for large countries such as Russia, Japan or the United States.
Two distinct working groups
The working group is divided into two departments. The first team focuses on the law and regulation of technology Blockchain. The second will deal with the development of the business of the Blockchain. All the two will work in the development of technology, according to a press release. John Narroway, president of Blockchain Development Working Group, said : “There are significant opportunities in the field of crypto-currency, but that window is getting smaller and changing faster than ever before. “
An association is inevitable with the government
Narroway has continued to say that the working group is studying various opportunities in the ecosystem of crypto-currency and “back to zero” in the key areas for further actions. In addition, the Bermuda Business Development Agency (BDA) has partnered with the government to expand the initiative. According to Ross Webber, CEO of the BDA, this initiative aims to attract new businesses on the island, to boost GDP and to open more jobs. The Prime minister Burt has also revealed its intention to launch a regulatory framework for the technologies of accounting dealt (DLT), which would be launched at the beginning of 2018. He said that ” Bermuda was considering a regulatory framework that is complementary, covering the promotion and the sale of tokens of usefulness. “
Source : Coindesk