Bermuda is a leading international financial centre with a long history of providing pragmatic financial and professional services to international businesses.
The Island is renowned for its strong (re)insurance, investment fund, asset management and trust sectors which are supported by a world-class advisory and financial services infrastructure, including a sophisticated legal system, a robust regulatory framework, speed-to-market capability, a business-friendly government, simple tax regime, a highly-skilled work force, close proximity to the US and direct flights to the US, UK and Canada.
In 2018 Bermuda introduced new legal and regulatory frameworks designed to govern and regulate initial coin/token offerings (ICOs) and the digital asset business and InsurTech sectors.
The new legislation sets out, amongst other things, expected standards of disclosure for ICOs, a dual licensing system (including sandbox) for anyone seeking to provide digital asset business services in or from Bermuda and both a sandbox regime and Innovation Hub for the InsurTech sector.
The InsurTech sandbox allows companies to test new technologies and offer innovative products, services and delivery mechanisms to a limited number of clients in a controlled environment and for a limited period of time. The InsurTech Innovation Hub has been designed as an incubator for entrepreneurs to conceptualise and collaborate on new ideas prior to seeking sandbox entry.