People underestimate the opportunity Bermuda has in the crypto space

The Premier just posted a photo of himself and other members of the Cryptocurrency task force meeting with the CEO of Binance.  It is yet another sign, alongside Minister Caines meeting with Joseph Lubin  that Bermuda is being taken very seriously by the crypto community.

Honestly, I’m very wary of what I know of Binance.  They’ve basically risen to prominence by taking a wild west approach to avoiding regulations.  It raises red flags when articles in Bloomberg include quotes like this:

“Binance lacks regulation and transparency,’’ said David Shin, president of the Singapore-based Asia Fintech Society. “It’s like a van stopped in front of an office building selling coffee while the legit coffee shops on the street suffer.’’

However, as I’ve long suggested, Bermuda’s greatest opportunity is providing a stable reputable and streamlined regulatory environment for new industries to flourish.  It isn’t Bermuda’s place to judge whether crypto, blockchain and DLT tech is the future, it is Bermuda’s place to align itself to provide the right regulatory environment that legitimizes it in a way that is compliant with existing financial regulatory standards.

We could certainly take the approach of avoiding all risk and watching as our island stagnates as we keep trying to kick the can down the road.  Or, we could embrace the opportunity and stand firm on remaining a top tier reputable jurisdiction knowing that there are companies out there very keen to find such a place to do business.  In that regard, I’m about half way through the consultation document the BMA has produced and so far I wholesale and very impressed with what I’m reading.

One can only wonder though, if the photo above represents how pleased the Binance representatives are in finding out that we’re very set on remaining a reputable jurisdiction.  We’re certainly not Malta in that regards.