Denis Pitcher, FinTech Advisor to Bermuda with Matt Bird at World Economic Forum (DAVOS)

HIGHLIGHTS

• Bermuda has set the foundation for becoming a digital tech hub
• Headquarters must be on the island to run digital asset business from Bermuda
• 66 Companies incorporated since the launch of the comprehensive regulatory framework

Bermuda, a 21-square-mile island nation of 71,000 people, is set up to be a global hub of digital currency.

That’s according to Denis Pitcher, Bermuda’s FinTech advisor, who spoke to Matt Bird, Host of the Traders Network Show, at the 2019 World Economic Forum in Davos, Switzerland. The advanced positioning for such a small country comes from the development of a comprehensive regulatory framework around digital currencies at a time when most other countries were just beginning the conversation.

“Since we launched our comprehensive regulatory framework, we’ve had 66 companies incorporate,” Pitcher said. Built into the framework is a requirement that digital asset companies who are based in Bermuda must set their headquarters in Bermuda—a boon to the local economy, he said.

And Pitcher is nothing but bullish on the future of digital assets and what that means for Bermuda.

“We are enthusiastic,” he said. “What we are seeing in this industry is the traditional finance people…moving in. You’re seeing real builders who are recognizing opportunities in this space.”

(Written by Andrew Waite; Editing and revisions by Nicole Liddy)