Bermuda’s Prime Minister and Finance Minister David Bert signed a protocol of understanding with the Binance Group, Bernews writes. Within the framework of cooperation, educational programs will be organized in the field of fintech and blockchain.
Also under the agreement, the CEO and founder of Binance Changpeng Zhao signed the signature.
According to Burt, Binance’s goals “are consistent with their goals and objectives in creating a leading regulated jurisdiction ideally suited to stimulating the development of the fintech industry.”
Burt stated that Binance intends to develop a “global framework for compliance with legal requirements” in Bermuda and create about 40 new jobs.
According to the provisions of the protocol, Binance will spend up to $10 million to educate the inhabitants of the region on 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 Government of Bermuda intends to develop a regulatory and legal framework that will enable the attraction of crypto-cash and lock-up companies and will promote their development.
Zhao said that a study conducted by Binance showed that the overseas territory of Great Britain has “leading regulatory authorities” for virtual currencies.
“We consider the government and regulator of Bermuda to be one of the most easily accessible, literate and progressive,” he said.
According to Zhao, the exchange has already started working with local lawyers, so that its new enterprise complies with all established norms.
Burt added that the government of Bermuda wants to make its jurisdiction “the first country in the world that will comprehensively regulate the ICO.”
Earlier, Binance entered into an agreement with the Ugandan blockchain organization Crypto Savannah, with which it will deal with the economic development and employment of young people in the region.