- within Accounting and Audit, Immigration and Insurance topic(s)
As part of the Bermuda Government's FinTech strategy to develop a FinTech ecosystem and for Bermuda to become a technology hub of the future, the Bermuda Government introduced a new legislative framework for submarine cables titled the Submarine Communications Act 2020 (the "Act"), which was passed in the House of Assembly on 14 February 2020 and is expected become operative in the near future. The primary purpose of the Act is to meet the growing demand for increased capacity in underwater cables that carry the internet and telecommunications by providing a regulatory framework for both the establishment of a submarine communications cables industry in Bermuda and provide for the protection of the submarine communications cables.
There is currently no Atlantic interconnection hub and therefore the Bermuda Government alongside the Bermuda Business Development Agency are working to promote Bermuda as an 'Atlantic Digital Hub' due to its prime geographic location. There are currently three hubs in the Pacific Ocean, in Hawaii, Guam and Fiji.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
[View Source]
