The government of Bermuda has inked a Memorandum of Understanding (MOU) with Shyft, a blockchain KYC/AML solution.

In the past couple of weeks, the government has been collaborating on a number of blockchain initiatives. It signed MOUs with Medici Ventures and Binance Group. Earlier this year, premier David Burt announced plans to transfer Bermuda’s deeds-based property system to the blockchain, as reported by the Royal Gazette.

These efforts are aimed at establishing the country as the regulated hub for blockchain business and digital assets.

“We’re leading the world in digital assets regulation, there’s no other country that provides comparable certainty and progressive regulatory Environment,” said Premier David Burt.

Under the MOU, Shyft will support local blockchain-based initiatives and build local capacity in the areas of education, job creation and repatriation of Bermuda's international workforce. According to the terms:

• Shyft has pledged to invest up to $10M over three years to support the people and government of Bermuda, create new jobs, help re-skill labour, invest in local businesses, education and infrastructure, as well as help repatriate skilled labor back into the country,
• It will collaborate with the government and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework, and
• It will support the training of Bermudians in blockchain technology and software development through the Department of Workforce Development.

Shyft said that it is thrilled to support Bermuda’s vision of leading the world in digital asset regulation by leveraging Shyft’s expertise in KYC/AML and blockchain-based identity verification.

“We’re thrilled to announce our investment in Bermuda,” says Shyft Chairman Joseph Weinberg. “Shyft has an ambitious objective of building a global digital identity ecosystem that gives all citizens the opportunity to participate. 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.”

MOU with Bermuda-based Trunomi

Shyft has also signed a separate MOU with global data rights company, Trunomi, which was founded in Bermuda. Together, they plan to leverage Shyft’s blockchain technology with Trunomi’s expertise in consumer consent frameworks to support Bermuda in its vision by implementing an innovative e-ID (electronic ID) framework. The e-IDs that are issued will be globally interoperable, enabling entities to transcend borders and 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,” says Bruce Silcoff, Shyft International CEO.