Government of Bermuda announces blockchain initiative
Bermuda Premier David Burt has announced that the Government is establishing a regulatory framework for distributed ledger technology, which is planned to become operational in early 2018. To that end, the government has created a task force charged with the development and implementation of a national strategy for engagement in the blockchain arena.
One of the first activities of the task force will be to foster the establishment of a Bermuda Crypto Association, with membership required for all Bermuda-based token issuers. The organization will be self-governing and is expected to establish and enforce a code of conduct.
The task force is also charged with the development of a policy confirming that utility tokens will not be considered as a security in Bermuda, as long as there are no promises of future value. It is hoped that this policy will make Bermuda an attractive home for companies that are crowd funded through initial coin offerings (ICOs).
ECCB official considers blockchain-based regional payment system
Speaking at the annual conference of the Caribbean Regional Compliance Association, Christopher Louard, director of Bank Supervision at the Eastern Caribbean Central Bank (ECCB), suggested the establishment of a blockchain-based regional digital payment system. Louard stated, "This may be the region's answer to de-risking and the loss of correspondent banking relationships."
Domus Semo Sancus wins RegTech Industry Award
Turks and Caicos-based Domus Semo Sancus (DSS) has won the "Most Innovative Compliance as a Service Solution" RegTech Industry Award for their SafetyNet.ai product. The product provides enhanced due diligence services to help organizations meet Anti-Money Laundering (AML) and Know Your Customer (KYC) regulatory requirements by enabling them to compare information on new customers against a database of known criminals and politically exposed persons.
Inter-American Development Bank publishes study on blockchain in the music industry
The Inter-American Development Bank (IDB) has released a new study entitled The Impact of Digital Innovation and Blockchain on the Music Industry. According to the study, blockchain could be used to manage the many separate intellectual property rights associated with music publication and performance, but not clear that a such a shift would ultimately be a benefit to artists.
New IMF book on Caribbean economic growth has little to say about FinTech
A recently published book by the International Monetary Fund (IMF) entitled Unleashing Growth and Strengthening Resilience in the Caribbean has vanishingly little to say about financial technology, including blockchain. It contains but one paragraph that touches on the subject, noting, in the context of finding alternatives to correspondent banking relationships, that "these technologies, which correspondent banks are already exploring, seem to be longer-term solutions."
The absence of discussion related to financial technology in a book about the future of Caribbean economies suggests that, despite encouraging statements on the part of its leadership, the IMF has not yet integrated consideration of FinTech into their operational thinking.
The Caribbean Blockchain Association advises public institutions and private industry on policy, compliance, and technology issues surrounding the adoption of blockchain and distributed ledger technology. Visit us at https://caribbeanblockchain.org. Please contact us if you have feedback or news ideas.