• Nicole Morrison

Bermuda the Tech Innovation Paradise

Updated: Jul 26, 2021

This tiny tropical nation, known for its tourism and beautiful beaches, is now becoming the center for technology innovation, attracting the most innovative entrepreneurs in the industry.

Bermuda is a British overseas territory with an autonomous parliament with fewer than 70,000 inhabitants. This tiny island has been considered a highly financially prestigious jurisdiction and seeks to become a world leader in this age of global innovation.

Thanks to the support given by Bermuda's youngest elected Prime Minister David Burts to provide a boost for the best innovators and thinkers of technology all around the world, Bermuda has noted an advance in tech innovation and entrepreneurship. As part of the efforts given to the sector, the tiny island's government agencies passed a series of regulations aimed at creating infrastructure and an ecosystem for innovation and technology with a specific focus on blockchain applications. Bermuda has been boldly pushing for intelligent regulation to create an environment that encourages more technology applications while creating a framework that maintains a high level of scrutiny to protect against fraud and misuse. As a part of this forward-thinking legislation, Bermuda now has an internationally linked corporate community that is welcoming to digital asset companies seeking to establish themselves with a single regulator in a vibrant atmosphere.

Due to the island's business ecosystem, Bermuda meets with leaders worldwide to share thoughts and explore the trends that are transforming business sectors. Last year, the island hosted their annually acclaimed global 2020 Bermuda Tech Summit, bringing in more than 700 individuals from 36 countries and focused on the digital transition of economies and companies due to

technological advances and changes

COVID-19 pandemic.

The impulse to technology not only comes from the political field with friendly legislation to promote new technological solutions. But also an aggressive educational and training program for innovation, creating a balanced center where Bermuda entrepreneurs and regulators can work collaboratively to learn and evolve together. But there is an even more critical point, Bermuda is geographically in a strategic position for US investors, companies and young entrepreneurs, given the delay that occurs in that country in benefit of the friendly development of technology and the tightening of sanctions against the cryptographic ecosystem in general. Bermuda is open for business. For entrepreneurs operating in this space or looking for innovative ways to integrate Blockchain into their businesses, the island offers the resources, companies, and agencies necessary to maneuver the system.

As if that were not enough, as Cointelegraph reported, Bermuda now allows paying taxes with cryptocurrencies thanks to its alliance with US firms Coinbase and Circle to use the crypto asset USDC for government obligations. There is no doubt that the push that the nation has had to innovation and technology is why its internal event called TeachBeach has had a resounding success. This conference brings together the best innovators in the technological world with the space cryptographic, business, and traditional industry personalities in the same space.

For those looking to do business in Bermuda or experience the country's unique blend of high-functioning business and relaxed island life, the island now offers a Work from Bermuda Certificate, enabling digital nomads and remote-working professionals to travel and work from the island for a year. So would you join the wave? Book your flight tickets and experience the Bermudan lifestyle.

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