Huhnsik Chung and Nicholas Secara writing for Bitcoin Magazine:
Bermuda, in contrast, seeks to set the market, implementing a comprehensive and prudential regulatory framework designed to create a supportive business environment that fosters development. The government has collaborated with a partnership of regulators, external consultants and other private sector representatives to develop a best-in-class system that will serve as the standard for other jurisdictions (the Bermuda Standard).
Bermuda seeks to embrace the potential afforded by digital assets but not at the expense of tarnishing its pristine international finance reputation. The Blockchain Task Force, comprised of government, industry, legal and technology professionals, collectively drafted these bills to set reasonable and credible regulation.
Bermuda is a widely recognised financial services centre and now it is openly embracing the future. Although regulation, policies and technology are essential, they are not enough on their own. Private and Public sector collaboration is paramount and should not be overlooked in order to move technology forward, and ultimately setting a pace for the country’s development. The exchange of ideas, the formulation of hypotheses and the discussion of results, contribute to success.
Why not going one step forward and create cross-border alliances to test such hypotheses and contribute to the debate?