Premier and Minister of Finance of Bermuda David Burt signed a memorandum of understanding (MOU) with Binance Group on Friday, Bernews reports April 27. The MOU establishes funding for educational programs related to fintech and blockchain startups.
Burt signed the MOU with Changpeng Zhao, founder and CEO of the world’s second largest cryptocurrency exchange by market capitalization. Burt said that Binance’s goals “align with [their] aims and objectives to provide a leading well-regulated jurisdiction ideally suited to the growth of the fintech industry.”
Burt stated that Binance plans to develop a “global compliance base” in Bermuda, a move which Burt says will add around 40 news jobs, at least 30 of which will go to Bermudians.
According to the MOU, Binance will spend up to $10 mln on university level training for Bermudians in blockchain technology development and compliance through the Binance Foundation. The company will also provide up to $5 mln in investments in new Bermuda-based blockchain companies through Binance Labs.
The Bermuda government reportedly plans to develop a friendly legal framework for virtual currencies and blockchain. Zhao said that research conducted by Binance shows that Bermuda has “one of the leading regulatory bodies” for virtual currency:
“We think the Bermuda Government and regulatory body are one of the most approachable, most reasonable and most forward-thinking bodies on the planet.”
According to Zhao, the exchange has already started working with local solicitors in order to ensure that the new office will be compliant with the law.
Burt said that the government wants to make Bermuda “the first country in the world” to “comprehensively govern” initial coin offerings (ICO) within the country’s jurisdiction.
"We want to ensure that Bermuda is the world's number-one place for regulation inside of this space. We have a reputation to protect, we will protect it, but at this point in time we will work with all persons who we believe represent future growth for the people of this country and future opportunities and jobs."
Earlier this week, Binance partnered with Ugandan blockchain organization Crypto Savannah to support economic development and youth employment in the country. The partnership also intends to attract investments to the East African country.