Shyft, an identity verification and KYC/AML-focused blockchain company, has reached an agreement with Bermuda's government, with Premier E. David Burt taking the lead on the initiative. Under the memo
Shyft, an identity verification and KYC/AML-focused blockchain company, has reached an agreement with Bermuda's government, with Premier E. David Burt taking the lead on the initiative. Under the memorandum of understanding, Shyft committed to pump up to US$10 million into Bermuda's economy across the next three years. Beyond capital deployment, the arrangement calls for Shyft to collaborate on creating and strengthening Bermuda's legal and regulatory structure around blockchain and digital currencies, plus backing educational programs that will help local residents build expertise in blockchain and software development.
The island nation, a British territory, has set its sights on becoming a leader in tech innovation. Specifically, it aims to position itself as the go-to model for harnessing blockchain and cryptocurrency through a rules-based system that strikes a balance between innovation and oversight.
"Bermuda is taking charge of this space and embedding portability into our government laws, approaching regulation as something we can export and share," Burt explained. "What we're creating is Bermuda as a jurisdiction for sale, a comprehensive ecosystem stack made up of technology, rules, procedures and standards—all built with backing from forward-thinking firms like Shyft, which bring deep KYC and Anti Money Laundering expertise to the table." He continued: "We're setting the benchmark globally when it comes to digital asset regulation. No jurisdiction can match the regulatory clarity and forward-thinking framework we're constructing."
Shyft has constructed a blockchain platform that handles verified identity data and KYC/AML attestations. The platform merges strong data confidentiality with the speed of verification, aiming to make compliance and identity checks less burdensome, cheaper to operate, and more secure than traditional approaches. The startup is partnering with Trunomi, a company focused on personal data rights, to deploy a blockchain-powered digital identity system across Bermuda. The digital IDs being created can function across all nations and borders, allowing companies and individuals to participate seamlessly in global operations.
Bruce Silcoff, CEO of Shyft International, stated the system will enable startups, enterprises, and cryptocurrency businesses across the globe to launch ventures in Bermuda and expand internationally.
This arrangement with Shyft reflects a comparable pact Bermuda struck with Binance, the exchange platform commanding the world's highest cryptocurrency trading volumes, which came to fruition several weeks prior. Binance pledged to allocate US$10 million toward blockchain education initiatives and is similarly assisting Bermuda with regulatory development while establishing a local office.
