The Binance Exchange plans to establish its new global legal security center in Bermuda within the next few months, Prime Minister David Burt said.
Speaking at a joint press conference on Friday, April 27, Bert announced the signing of a memorandum of understanding, according to which the Binance Charity Foundation will provide $ 10 million for educational programs related to technology. Another $ 5 million will be invested in block-start-ups.
In addition, Binance will help the government of Bermuda develop a legal and regulatory framework for the regulation of crypto and lock-up, as well as create its new office here.
Bert said during a press conference:
As part of the partnership, Binance proposes to create in Bermuda its global center of legal security, creating about 40 jobs, at least 30 of which will be occupied by local residents. Also in the shortest possible time, we plan to create a digital assets exchange in Bermuda that fully complies with legal norms and works in close cooperation with the government and all supervisory authorities in terms of developing and improving a reliable legal and regulatory framework.
Binance co-founder and CEO Changpen Zhao said that the government and regulatory bodies of Bermuda are "the most responsive on the planet" and that his company will help the local economy.
The exchange has already started work on launching a local office in conjunction with one of the law companies - in order to achieve full compliance with local laws, he added.
During the press conference, Zhao mentioned a recent lawsuit against Binance, noting that "the Supreme Court of Hong Kong has already rejected him and ordered Sequoia to pay back our legal costs."
In his speech, Bert also spoke about the new legislation that Bermuda intends to adopt in respect of the ICO. Bert noted that Bermuda intends to "comprehensively regulate" this type of attracting investment capital on its territory:
We want Bermuda to become the number one place in the world to regulate in this space. We value our reputation, but we will work with everyone who really contributes to the growth of our country's economy, creating new opportunities and jobs.