Shyft has announced that an Memorandum of Understanding (MOU) with the Government of Bermuda. Bermuda has recently embraced the potential of facilitating blockchain technology and the issuance of cryptocurrency. Shyft said that Bermuda is a “pioneer” in tech leading the way for others. Simultaneously, Shyft announced a pledge to support local blockchain projects and including the areas of education, job creation, and the “repatriation of Bermuda’s international workforce.” The pledge included a commitment of $10 million in local investment over a three year period.
Recently, a series of smaller countries have sought to differentiate their jurisdictions that provide bespoke rules that enable the issuance of tokens and encourage blockchain development. While some larger countries struggle with how to best manage the emerging digital asset class, smaller countries may have an easier path to creating new legislation where existing rules are ill suited to handle the emerging blockchain tech. Countries like Anguilla, Malta, Gibraltar and more have each sought to encourage investment by welcoming crypto entrepreneurs.
Shyft Chairman Joseph Weinberg said they were thrilled with their investment in Bermuda.
“Shyft has an ambitious objective of building a global digital identity ecosystem that gives all citizens the opportunity to participate,” Weinberg said. “We have a goal of leveraging new technology to make positive and inclusive change. We have found a similar intent and aspiration with the Government of Bermuda.”
Bermuda Premier David Burt said that his country has decided to “lead the way and build interoperability into the government legislation> This interoperability was described as keeping exportability in mind.
“This is our Bermuda jurisdiction as a service, the high level of exportability ‘stack’ that includes technology, regulation, process and protocol that we have built with assistance and commitment of modern companies like Shyft with expertise in handling KYC and Anti Money Laundering (AML) compliance,” said Burt. “As a result, the country is able to accelerate economic growth, create jobs and attract global interest. “We’re leading the world in digital assets regulation, there’s no other country that provides comparable certainty and progressive regulatory Environment.”
Shyft says it will collaborate with the Government of Bermuda and all necessary agencies in the development and improvement of a legal and regulatory framework.
Shyft also announced a separate MOU with global data rights company, Trunomi, which was founded in Bermuda. Shyft and Trunomi jointly plan to leverage Shyft’s blockchain technology with Trunomi’s knowledge in consumer consent frameworks to support Bermuda in its vision by implementing an electronic ID framework. These “e-IDs” that will be issued are said to be able to operate globally.
“I’m proud to announce that as a result of this partnership and its strong synergies, entrepreneurs, enterprises, and blockchain companies all over the world will be able to leverage Shyft and Trunomi technologies to launch new products and services in Bermuda and globally,” stated Bruce Silcoff, Shyft International CEO.
