Bermuda is continuing to make itself known in the cryptocurrency space after signing a Memorandum of Understanding (MOU) with Shyft, a blockchain-based KYC/AML solution that aims to build out the country’s regulatory framework.
Bermuda to Lead the Way
Announced at Consensus, the partnership between the the Government of Bermuda and the Toronto-based digital identity provider, aims to establish Bermuda as the blueprint for leveraging cryptocurrency and blockchain technology. It plans to do this within a regulated progressive framework that emphasises on strong Know-Your-Customer (KYC) and Anti-Money Laundering (AML) compliance.
The Honourable E. David Burt, the Premier of Bermuda, said that Bermuda ‘has decided to lead the way and build interoperability into the government legislation, in essence, approach regulatory frameworks with exportability in mind,’ adding:
“This is our Bermuda jurisdiction as a service, the high level of exportability ‘stack’ that includes technology, regulation, process and protocol that we have built with assistance and commitment of modern companies like Shyft with expertise in handling KYC and Anti-Money Laundering (AML) compliance. As a result, the country is able to accelerate economic growth, create jobs and attract global interest. We’re leading the world in digital assets regulation, there’s no other country that provides comparable certainty and progressive regulatory environment.”
As part of the partnership Shyft has pledged to invest $10 million over three years to support the people and government of Bermuda, create new jobs, help re-skill labour, invest in local businesses, education and infrastructure. The investment will also help repatriate skilled labour back into the country.
In addition to working with the government, Shyft will be collaborating with the necessary oversight agencies to bring about the development and improvement of a robust legal and regulatory framework, and support the training of Bermudians in blockchain technology and software development.
Shyft has also announced a separate MOU with Trunomi, a global data rights company, which was founded in Bermuda. Together the two are planning to leverage Shyft’s blockchain technology with Trunomi’s expertise in consumer consent frameworks to support the nation in its vision by implementing an innovative e-ID (electronic ID) framework.
The issued e-IDs will be globally interoperable, enabling entities to transcend borders and operate globally.
“Shyft has an ambitious objective of building a global digital identity ecosystem that gives all citizens the opportunity to participate,” said Joseph Weinberg, Shyft chair. “We have a goal of leveraging new technology to make positive and inclusive change. We have found a similar intent and aspiration with the Government of Bermuda.”