Bermuda Prime Minister and Finance Minister David Bert has signed a memorandum of understanding with the Binance Group, writes Bernews. Within the framework of cooperation, educational programs in the field of fintech and blockchain will be organized.
Changpeng Zhao, CEO and founder of Binance, also signed the agreement..
According to Bert, Binance’s goals “align with their goals and objectives to create a leading regulated jurisdiction ideally positioned to drive the development of the fintech industry.”.
Bert said Binance intends to develop a “global legal compliance framework” in Bermuda and create about 40 new jobs..
According to the protocol, Binance will spend up to $ 10 million to educate residents of the region in the basics of blockchain technology and legal literacy through the Binance Foundation. In addition, the company will provide $ 5 million for the development of new blockchain companies through Binance Labs..
The Bermuda government intends to develop a regulatory framework that will attract cryptocurrency and blockchain companies and will contribute to their development.
Zhao Says Binance Research Finds The UK Overseas Territory Has “Leading Regulatory Authorities” For Virtual Currencies.
“We consider the government and regulator of Bermuda to be among the most readily available, literate and progressive,” he said..
According to Zhao, the exchange has already begun working with local lawyers to ensure that its new venture meets all established regulations..
Bert added that the Bermuda government wants to make its jurisdiction “the first country in the world to comprehensively regulate ICOs.”.
Binance previously entered into an agreement with the Ugandan blockchain organization Crypto Savannah, along with which she will deal with the economic development and employment of youth in the region.