Bermuda Wants Crypto Regulation to Fuel Business Growth

Bermuda Monetary Authority published the conultation paper on "regulation of virtual currency business"
13 April 2018   764

Local financial watchdog at Bermuda, the Bermuda Monetary Authority (BMA) is looking for public feedback on an anti-money laundering act that would involve cryptocurrencies. This is reported by Coindesk

On 12.04.2018, it published consultation paper, where the financial regulator said it is aiming to capture a wide range of crypto-related activities under the local law in order to prepare a more framework that would attract and foster crypto businesses.

It is noteworthy, regulation on ICO is not part of the act. Instead, the paper indicated that supervision over ICOs would fall under the scope of a separate rule.

Government officials said that the proposed rules are not going to ban the crypto industry in Bermuda. This move seeks to develop a framework that would offer cryptocurrency businesses a safer and stable environment.

We can't keep up with the amount of people who want to come to Bermuda. We're going to London at the weekend and we have 20 companies lined up to meet us. It's actually phenomenal.
 

Wayne Caines

Minister of National Security, Bermuda

Watchdog is exploring a sandbox-like licensing scheme through the proposal. It may give the blockchain startups way to the regulated market.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   101

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.