The country aiming to address the lack of banking services for the cryptocurrency industry

Bermuda is looking to simplify getting banking services for crypto start-ups…

by Manoj Sharma for CNR

Growing in the cryptocurrency industry is laced with challenges at the best of times. But one of them tends to be trying to secure bank services. In Bermuda, this struggle remains in place, despite it being a country openly attracting startups.

It’s a problem around the world that cryptocurrency service providers often face difficulty while finding a bank willing to offer its services to them. Being active in the world of virtual currencies is both troublesome and appealing in this regard. Addressing these banking services problems isn’t straightforward.

But Bermuda is going to try.

David Burt, the Premier of Bermuda and leader of the Progressive Labour Party, wants to make things easier for the cryptocurrency industry to obtain banking services in the country. He has taken various undisclosed steps to alleviate most of the concerns.

For Bermuda, a nation priding itself on attracting technology startups, the first order of business is to convince the local association of bankers. Those financial institutions want to protect their clients from any financial risk or harm. As such, these institutions will dismiss the cryptocurrency industry and its need for banking services until further notice.

Thus, Bermuda’s newly introduced license may be able to relieve some of the worries over the coming months. In theory, the license, which has been approved by the Bermuda Parliament earlier in 2018, makes it easier for blockchain firms and banks to collaborate. In addition to this positive development, the country has officially approved its first ICO. And this should bring with it further confidence for the banking sector.

How effective the steps that David Burt has taken will be remains to be seen. But there’s a concerted effort to do something positive, that much is clear.

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