Bermuda is progressing towards building a global compliance department that shall strengthen the regulatory bodies as well as the local economy. Binance shall invest a hefty amount of $15 million in this Island, bringing about new job opportunities.
New jobs opportunities from Binance:
The Premier of Bermuda, Mr Edward David Burt, publicly proclaimed the government’s collaboration with Binance. The agreement states that Binance will institute a Global Compliance Centre that shall give vent to new job opportunities. Adding to this, he stated that a total of $10 million dollar will be invested for educating commoners and another $5 million dollars for the blockchain development.
Why Bermuda is an ideal choice for global compliance dept. ?
Bermuda in many ways makes an apt choice for global compliance department. The country has English as its official language and a legal framework similar to the commonwealth countries. Adding to this, the government of Bermuda is overwhelmed to welcome a progressive regulation on the digital coins.
Last Friday, the virtual Currency Business Act of Bermuda was sanctioned by the House of Commons. It is now awaiting the Senate’s approval which will finally allow the cryptocurrency to develop to a greater extent. This bill will look after the trading of Cryptos, ICOs, maintain the exchanges, digital wallets and other crypto-related activities.
The Chairman of KYC/AML solution Shyft, Mr Joseph Weinberg stated, “When you look at other current jurisdictions, they have either not been banking hubs traditionally, do not have the best track record when it comes to KYC/AML, or are in developing countries that aren’t presently suitable to support rapid growth of a technology or financial system. Bermuda does”. He further added to this, by saying that the workforce of Bermuda is technically strong that has experience in regulatory and compliance issues. He asserts that Bermuda is eager to learn and has a strong background of entrepreneurs and that this Island will enable a proper foundation for the growth of the cryptocurrency sector.