Conference coming to capture crypto investors
In an effort to expand the BVI’s crypto currency and financial technology services, Minister of Financial Services Lorna Smith has announced a new conference that will attract a number of stakeholders in the fintech sector.
Cryptocurrencies are virtual assets while FinTech (financial technology) refers to technology that is used to support or enable banking and financial services.
The minister said the inaugural Fintech on the Seas 2024 conference will be held in the British Virgin Islands and will bring together leading fintech innovators, startups, investors, and regulators from around the world for three days of networking, sharing ideas, and fostering partnerships.
She told professionals in the local financial services industry that the event is designed to attract startups, venture capitalists, banks, financial institutions, regulators, financial technology providers, and anyone interested in the future of fintech, regtech, digital assets, virtual assets, and crypto.
Smith also revealed that one of the main aims of the new conference is to promote the British Virgin Islands as a top tier fintech and digital assets hub.
The BVI’s financial services industry has been facing many challenges; particularly regarding pressure to introduce public registers of company beneficial ownership.
With the reality of these challenges, the BVI has been seeking to expand its financial services offerings to the cryptocurrency and fintech sector.
BVI Finance recently participated in the Dubai Fintech Summit 2023, where the organisation sought to attract more business in virtual assets and fintech industries.
According to BVI Finance, virtual assets and fintech are two areas that have grown significantly in recent years as the territory placed more focus on innovation, security, and regulatory compliance.
Some Virgin Islanders are not able to fully explain the services that the BVI financial services industry offers. But locals are very protective of the industry as they are aware it is one of two main economic earners for the territory.
Despite the territory’s international image as one of the biggest tax havens (jurisdictions where wealthy people hide assets), local professionals continue to maintain that the BVI is a top tier financial services jurisdiction that offers world-class services and facilitates transactions worth millions on a daily basis.
In the meantime, Minister Smith told professionals that it is important to develop talent to ensure the financial services industry has a reliable labour force.
“For example, one firm has set up a training programme in financial services for 16–18-year-olds. This is exactly the kind of initiative I am talking about. In fact, I would like to see us take a more systemised approach overall and want you all to consider how we might establish an industry-wide programme,” said Minister Smith.
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Before we jump into crypto, you may want to ask your friends in the Bahamas how well that FTX crypto worked out for them!
More white-collar criminals?
So none of y’all see that GI thing that dude from west doing? Or y’all just like supporting others…
https://www.livecoinwatch.com/price/XGameOn-XGO
Is this truly the way right now? Beautiful houses are not built on weak foundations. This could be down the road. Time for this discussion is premature.
The people can’t be put aside again. Blockchain will be integrated globally and BVI will not be left behind. Have faith in the people. Set up learning facilities about understanding the basics which is included in most software programs for basic business. Kindly open the hand to locals as many folks are well capable of teaching at this very necessary level right now. Please consider this good governance.
The BVI can do it from the bottom to the top. Start here and let the people help. There was a suggestion about high school students teaching younger students. This same idea can be used for basic training and it will reduce cost and provide jobs. Great and fun courses and a real job in the industry. I love you BVI
The Game On Inc/XGO scam? Remember this comment when it happens.
Expand services and we cannot even download a f**king 30 second video without waiting for 5 mins? When will we get serious around here? Expand what? The place is the f**king pitts! You can barely pay a bill online, everything is paper, everything takes months to complete. It’s as though there’s a concerted effort to frustrate even the simplest process and this covers EVERYTHING!
Cryptocurrencies? Are you crazy or have you not watch the news in the last year. Lord help us what’s next
is crypto even legal in the bvi
I guess she hasn’t been following the news for sometime now. Ain’t nobody here got time to invest in what has been known to cause havoc in real finances.
mainly black market trades in crypto is what I’ve heard and the value of crypto is very volatile not sure this is best but we’ll see
Are there already ideas on how the inclusion of crypto complements our existing financial services? We already viewed as a tax haven now you gonna sprinkle some crypto on top despite our laws probably not addressing anything to do with cryptocurrency. As long as our government don’t take up our money go buy bitcoin with it or allow land to be sold for crypto that can lose its value by tomorrow I guess nothing wrong with checking it out.
THIS WHO YALL WANTED IN YALL CORNER SMFH PURE BS
haha – classic response, hilarious but sadly true
the foolishness
Crypto has already failed the bus came and went this outdated idea is no longer a good way to make money it is an easy way to lose it tho
reading the comments I can see people are just ignorant to new things ,forward-thinking Lorna is 10 steps ahead of the BVI people
Can we just get basic banking services please? For a financial hub the banking services available to the average BVI resident are utter rubbish.
This is great. Just dont screw it up following the USA or UK lead, doing stupideness like taxing to send money to yourself.
Companies will come here because our taxation laws are sensible and not an attempt at undeserved control.
They do not want citizens to experience freedom of financial services through money they have no control over. No one controls Bitcoin yet it is useful to humanity as a whole.
all good, but if she wants a crypto / fintech industry (rather than just businesses which set up using BVI) then govt need to go back to the basics of the McKinsey report. Number 1, it needs to be easier for outsiders to come to live and to invest in the BVI, and hire and fire.