U.S. commercial bank Signature will begin offering a full range of services a licensed fintech companies in Bermuda, including in the field of digital assets. Bank has reached an agreement with the government of Bermuda on the provision of services and replace local banks that do not want to work with local fintech community.
Bermudian premier David Burt said:
"The willingness of Signature Bank to partnered a licensed business in Bermuda is evidence that the efforts of local government to create a progressive regulatory regime for fintech business is not in vain".
It is known that Bermuda have a positive attitude towards cryptocurrencies and other innovative financial technology, which allows those local businesses to flourish. Signature Bank, in turn, provides services specifically designed for these companies.
Premier David Burt approved the conclusion of the partnership between bank and the government:
"The lack of banking services for fintech companies have been a major problem for those companies who wanted to establish a physical presence in Bermuda. Things are different now. As a result of our efforts to develop fintech business in Bermuda have been incorporated 66 companies."
In October last year the American technology firm Uulala became the first company to gain ICO approval from the Bermuda government, which has adopted a regulatory framework for cryptocurrency in the beginning of 2018.
Along with Malta, Gibraltar and Liechtenstein, Bermuda round the clock working to attract cryptocurrency companies. For example, in July of last year, Malta has adopted three laws to reduce the demands of companies engaged in mining and trade cryptocurrencies.
The influx of companies in these countries was due to the deployment of new technologies in the traditional financial sector and application of illiberal state control. According to David Burt, Bermuda provide companies with regulatory certainty, combined with the high transparency and the highest standards of global compliance.
While Bermuda actively regulate the cryptocurrency space to be at the forefront of business development, Signature Bank has been targeting financially progressive jurisdictions. The bank has recently launched a regulator-approved blockchain-based platform for managing money transfers in New York.
Signature Bank has started accepting bids from licensed companies in Bermuda on 28 February. Its president and CEO Joseph Depaolo said:
"Blockchain-based Signet system is facilitating the transfer of millions of dollars daily since its launch at the beginning of the year.. Signature Bank is one of the few banks in the U.S., which will provide deposit accounts and corporate debit cards for cryptocurrency startups."