Member Article

Carey Olsen spotlights digital payments potential at 5th Annual International Tech Summit

The Summit brought together visionaries, industry leaders, and innovators from around the world to explore the latest advancements in digital assets, blockchain technology, and fintech solutions. As a platinum sponsor, Carey Olsen showcased its commitment and contribution to the promotion of Bermuda's digital landscape development and fostering innovation through understanding and compliance with Bermuda's digital asset legal and regulatory regime.

New this year was the Carey Olsen Crypto Cafe, a collaboration between Carey Olsen and Rock Island Café, a local café and coffee roasting company, that provided the opportunity for attendees to experience the world of digital payments through an engaging activation powered by Mintbase, the leading wallet in the Near ecosystem. Through Mintbase, attendees seamlessly transacted with test NEAR tokens to experience the future of blockchain based digital payment systems firsthand. The activation was executed by Penrose Partners under an exemption afforded by the Digital Asset Business Act, which forms the basis of Bermuda's legal and regulatory regime governing the provision of digital asset services in and from Bermuda.

Steven Rees Davies, partner at Carey Olsen Bermuda Limited said: "Seeing a digital asset payment system deployed and operational in a closed testing environment, and proving the capability of how such a system could work for the purchase of everyday items like coffee proved to be a hit with attendees. The activation by Penrose Partners was evidence of Bermuda's commitment and ability to encourage entrepreneurial development and implementation of technology in a practical and regulated manner."

Lisabet Outerbridge, managing director at Rock Island Café said: “Rock Island is a cash-based business. We don’t use credit cards due to the fees and inability to have a minimum charge amount, so it was exciting to benefit from a digital payment option. I think small businesses will really find it a great option.”

Carey Olsen Bermuda Limited is a company limited by shares incorporated in Bermuda and approved and recognised under the Bermuda Bar (Professional Companies) Rules 2009. The use of the title “Partner” is merely to denote seniority. Services are provided on the basis of our current terms of business, which can be viewed at: www.careyolsen.com/terms-business.

 

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