The Government of Bermuda has announced plans to make amendments to the Banking Act in order to establish a new class of bank to render services to local fintech and blockchain organizations, Finextra reported July 2.
He added: “The fintech industry’s success globally depends on the ability of the businesses operating in this space to enjoy the necessary banking services.
In April, Bermuda signed a $15 million MOU with Binance Group, the company behind leading cryptocurrency exchange Binance, to establish funding for educational programs related to fintech and blockchain.
In Poland, 15 different “financial institutions” have become part of a formal complaint to the government by the Polish Bitcoin Association (PBS).
PBS alleges that local banks are deliberately denying service to cryptocurrency entities and are selectively closing accounts.
Thanks to amendments that the government plans to make to the Banking Act, Bermuda is to become a new destination for fintech innovation.
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A report authored by researchers from the Henryk Niewodniczanski Institute of Nuclear Physics has found that Bitcoin is maturing. The report, courtesy of the Polish Academy of Sciences in Krakow, concludes that Bitcoin carries “concrete potential of imminently becoming a regular market” and “an alternative to the foreign exchange.
