News: Concerns over Arbitrade
News interview addressing some concerns over Arbitrade
Toni Waterman Business correspondent and national security Minister Wayne Caines
Bermuda Tonight – ZBM Evening News, July 8 2018
Watch Interview on our Youtube channel,
Key Take-Aways:
The Process for AML/KYC
Approval is required from Senate and the Royal Assent
Fintech Development fund – Not setup yet (no donations have been accepted)
ICO legislation and digital business act outline the requirements of each company looking to setup in Bermuda
Arbitrsade has completed step one of the process
Arbitrade successfully passed an independent financial regulation Bermuda monetary authority
Arbitrade has been incorporated into Bermuda
Bermuda will now enter phase 2 and start reviewing every aspect of their business plan, company structure, white papers, roadmap, and vision moving forward
Minister Cain says if he was to criticise any action of Arbitrade it would be them sharing their intentions with the World before completing the process that companies must complete.
Arbitrade has not been signed off for Victoria Hall building purchase, 6.5 million USD
Nor have they been given permission to conduct any business in Bermuda, yet
Bermuda considers itself a blue chip jurisdiction and will not do anything to jeopardize its position.
No confirmation yet from SION Trading FZE – gold and commodities exchange based out of Dubai
Scotia International Nevada, aware of this but do not provide any more information
Bermuda government has not seen Arbitrades White Paper
Fintech Advisory committee to review and give thumbs up or thumbs down
Minister Caine does not want to paint this in a negative light and reiterates that this is a process and he can not give timeframes on this process
KYC / AML is independent of the government
Bermuda has been speaking with representatives from France, Germany and the UK regarding Bermudas vision for the future
Latest: Troy Hogg has announced Arbitrade will hold a public press conference.
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