Cryptocurrency exchange Binance will be launching its global compliance center in Bermuda within the next few months. The announcement was made by Premier Edward David Burt on Friday, during a joint press conference. The leader of the island’s Progressive Labour Party stated that the agreement was formalized by signing a memorandum of understanding (MOU).

According to the MOU, the Binance Charity Foundation will contribute $10 million toward “improving education, [and] creating awareness in the development through the use of blockchain technology.”

The announcement further noted that Binance Labs would serve as an incubator to support innovation and draw more investments toward crypto and blockchain projects. Reportedly, the agreement was reached after Binance determined that its mission and objectives were in line with those of the Bermudian government. These goals and objectives include establishing a proper regulatory framework that is conducive to the development and advancement of the Fintech industry.

Creating Jobs for Bermudians

The announcement explained that Binance’s global compliance center in the British overseas territory would help to create more jobs for Bermudians. Additionally, Binance Labs will aim to raise $5 million, which would be used to launch blockchain startups in Bermuda. Through the MOU, a Digital Asset Exchange will also be established along with “a robust legal and regulatory framework.”

Assuming these efforts are successful, Bermuda could begin to revive its struggling economy, which was hit fairly hard in the 2008 global recession. Notably, Binance CEO Zhao Changpeng has made a commitment to help grow the island’s economy. Zhao also praised the island’s government for having “one of the most approachable [regulatory authorities] on the planet.” In order to develop a proper regulatory framework for the local crypto economy, Zhao has reportedly partnered with a Bermudian law firm.

Robust Crypto Regulations

While discussing the MOU, Zhao mentioned that the lawsuit filed by American Venture Capital company Sequoia had been dismissed by the Hong Kong high court. Sequoia was also ordered to repay legal fees required for Binance’s legal representative. Meanwhile, Burt stated his government will soon pass “comprehensive” legislation formulated specifically for initial coin offerings (ICOs). He also said that,

“We want to ensure that Bermuda is the world's number-one place for regulation inside of this space. We have a reputation to protect, we will protect it but we will work with all persons who we believe represents future growth for the people of this country and future opportunities and jobs.”

Premier Edward David Burt

Featured image via Twitter, BermudaPremier