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 provides funding for educational programs related to Fintech and blockchain start-ups.
Burt signed the MOU with Changpeng Zhao, founder and CEO of the second largest cryptocurrency exchange in the world by market capitalization. Burt said that the goals of Binance “align with [their] goals and objectives to provide a well-regulated leading jurisdiction, ideal for the growth of the Fintech industry”.
Burt said that Binance plans to develop a “global compliance basis” in Bermuda, a move that Burt says will add about 40 jobs, of which at least 30 will go to Bermuda.
According to the MOU, Binance will spend up to $ 10 million on university training for Bermudians in the development of blockchain technology and compliance through the Binance Foundation. The company will also provide up to $ 5 million in investments in new blockchain companies based in Bermuda through Binance Labs.
According to reports, the Bermuda government intends to develop a friendly legal framework for virtual currencies and blockchain. Zhao said that the research conducted by Binance shows that Bermuda has “one of the main regulatory bodies” for virtual currency:
We think that the Bermuda government and the regulatory body are one of the most accessible, most reasonable and forward-looking bodies on the planet. “
According to Zhao, the exchange has already started working with local lawyers to ensure that the new office complies with the law.
Burt said the government wants to make Bermuda “the first country in the world” to “fully govern” initial coin offerings (ICOs) within the jurisdiction of the country.
“We want to ensure that Bermuda is the number one in the world for regulation within this space. We have a reputation to protect, we will protect it, but right now we will work with all the people we believe represent the future growth for the people of this country and future opportunities and jobs “.
Earlier this week, Binance collaborated with the Ugandan blockchain organization Crypto Savannah to support economic development and youth employment in the country. The partnership also intends to attract investments in the East African country.