As we reported on July 19, 2018, Bermuda is determined to establish itself as the leading jurisdiction for fintech entrepreneurs, in particular those involved in initial coin offerings (ICOs), digital assets and virtual currencies. Having recently passed the ICO Act and the Digital Asset Business Act (DABA), Bermuda’s Premier and Minister of Finance, the Hon. E. David Burt, JP, MP, and his cabinet are now focused on creating a new class of bank to facilitate Bermuda’s fintech initiative.The Bermuda Monetary Authority (BMA) has spearheaded a new bill, titled the Banks and Deposit Companies Amendment Act 2018 (Restricted Banks Act), that will establish a novel, restricted banking license to encourage banks to provide their services to fintech companies.This legislation is vital, as to date Bermudian banks have been unwilling to provide banking services to the Island’s nascent fintech startups. The government of Bermuda and the BMA strongly believe that the Restricted Banks Act will resolve this impediment and propel Bermuda’s fintech initiative forward.The Restricted Banks ActOn July 27, 2018, the House of Assembly passed the Restricted Banks Act and the bill now moves to the Senate for ratification. The government of Bermuda and the BMA designed the Restricted Banks Act to allow international participants to satisfy a critical need for the Island’s fintech companies. Of particular importance are Clauses ... For Further Information Click on Below Button