While several global economies such as China crack down on Initial Coin Offering (ICO's), the tiny island of Bermuda embraces it as an economic tool of diversification. The government recently formed the Blockchain Legal and Regulatory Working Group with the aim of making Bermuda the center of the Initial Coin Offering. In 2017 alone, ICO has raised a staggering USD 3.6 billion and Bermuda government is confident that they can make their country of choice for groups looking to launch future ICO's.

Not to far away, we have the Bahamas and Cayman islands, home to some of the world most friendly tax havens. Both the Bahamas and the Cayman Islands hoard billions of dollars from multinational corporations, to Kings and Queens, and other wealthy individual who take advantage of the tax leniency and protection. Bermuda, is trying to shape its country as the best destination in the world to launch crowd funding for any cryptocurrency project once the necessary guidelines have met.

This is certainly exciting news and something that can really spark interest across the Caribbean. I predict that if they are successful we can see several islands in the Caribbean drafting friendly policies to lure potential cryptocurrency start-ups. Interestingly, one would have to wait to see how this plays out because its not the first time that an island in the Caribbean has embrace trend but it was quickly stroke down by the United States America government. The island of Antigua and Barbuda tried to make its country the epicenter of the online gaming industry but face opposition from the United States and later had to throw those dreams away. So while this news are indeed exciting we have to see how this plays out.

Steemit Inc should definitely keep a close eye on this development as it can ease the regulatory concerns that may arise of Smart Media Tokens (SMT). Probably the next SteemFest can be hosted in Bermuda and the team can use it as an opportunity to meet the island friendly government who is looking to embrace cryptocurrency. Share your thoughts and ideas.

Sources

https://www.cryptocoinsnews.com/bermuda-courts-initial-coin-offerings-in-push-for-economic-diversification/