Bermuda is establishing itself as a blockchain-friendly territory. Blockchain companies can now add Bermuda to their top choices for setting up shop. Last month, the self-governing British overseas territory released a paper on their insurance regulatory sandbox and innovation hub, where insurance entities can test out their products and services in a controlled environment for a limited amount of time. And now, this sandbox is extending to blockchain companies. David Burt, the Premier of Bermuda has issued some very enticing statements for interested start-ups. \u201cWhat I would l would like to look at is Bermuda\u2014we have innovation hubs around the world. I look at my entire country as an innovation hub,\u201d Burt said. \u201cWe are the ideal place for companies that are looking to test out new age products and services\u2014to have them in a constrained environment to see how they can work and then they can scale them up to service the rest of the world. That\u2019s where we\u2019re positioning Bermuda,\u201d he added. In terms of risks associated with cryptocurrencies, Burt isn\u2019t at all worried. In an interview with Bloomberg, the Premier expressed that he is confident that their regulators can keep things under control. \u201cWell, for privacy, Bermuda\u2019s not the place to go as we are a very well-regulated jurisdiction. And what we like to say is Bermuda\u2019s an excellent place to raise capital, but a very bad place to hide it. We have an excellent regulator and we have access to the US markets. There\u2019s only two countries that have regulatory equivalence in the EU and the United States\u2014that is Switzerland and Bermuda. So we stand above the other international financial centers and we will continue to innovate as we are doing in the blockchain space.\u201d Burt added that Bermuda will retain the high standards that they have always upheld to ensure that anti-money laundering mechanisms are enforced. The territory also aims to create a friendly atmosphere not only for blockchain technology but for cryptocurrencies as well\u2014something other countries hold reservations about. Last month, National Security Minister Wayne Caines proposing a set of rules to allow and regulate initial coin offerings (ICOs), making them one of the first in the world to do so. \u201cIt is generally accepted that ICOs are, in most cases, a method of crowdfunding projects or services. However, ICOs may also be used to convey some interest in or right to access or use a physical asset,\u201d Caines said. \u201cEmbracing this new world with responsible regulation could lead to the attraction of new companies and capital investment to Bermuda, additional government revenues, new career, employment and training opportunities for Bermudians and the laying of a foundation for a prosperous future for our next generation of Bermudians.\u201d Premier Burt believes that Bermuda\u2019s firm yet reasonable grasp of regulations makes them a viable choice for businesses. \u201cWe\u2019ve demonstrated that Bermuda is open for business and we\u2019ll continue to spread the message that Bermuda is the ideal place for future economic growth. The island is a place for stable regulation and legislative clarity around these new industries, and we intend on leveraging our legacy of blue-chip innovation to solve new problems in financial markets and digital assets,\u201d Burt said.