The Government of Bermuda has wrapped up a deal with Toronto-based digital identity provider Shyft Network to train people in blockchain technologies as part of a bid to build a regulatory framework for cryptocurrencies.
Under the deal, Shyft will invest up to US$10 million in the British island territory over a three-year period, supporting local businesses, and technology infrastructure development.
The ultimate aim of the deal is to help the government streamline and simplify data collection, reduce costs, and minimize the cybersecurity risks inherent in traditional compliance systems.
The tech startup has also signed a separate agreement with Bermuda-headquartered Trunomi that will leverage Shyft’s blockchain technology and its expertise in consumer consent frameworks to support the country’s implementation of an electronic ID framework.
Shyft says it will extend all its expertise in know-your-customer (KYC), anti-money laundering (AML), and blockchain based identity verification.
Reports say the Canadian company has already begun building a decentralized identity solution designed to collate all of the KYC- and AML-related inputs required for a compliant blockchain transaction in a manner that maximizes privacy, enables required attestation, and offers verification in a more streamlined and cost-efficient manner than current methods.
“The government of Bermuda has decided to lead the way and build interoperability into legislation, in essence, approach regulatory frameworks with exportability in mind,” said David Burt, Premier of Bermuda.