Lawyer Steven Rees Davies Represents Bermuda at UK Crypto Club – The Royal Gazette

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Updated: Jul 09, 2023 6:15 PM

Richmond MBE’s Lord Holmes, left, his guide dog Nancy and Steven Rees Davies at the Citywealth Crypto Club in London (pictured)

Bermuda’s regulations on digital asset trading have focused on corporate behavior and minimizing risk specifically related to priority financial crime issues, a Bermuda lawyer has told a new London investors’ club, wealth managers and cryptocurrency advisors, including offshore trustees.

Steven Rees Davies, a partner in the Bermuda office of Carey Olsen, shared his knowledge of the growing native crypto activity on the island during a presentation at the Citywealth Crypto Club in London.

The club was founded by award-winning businesswoman Karen Jones, who in 2005 established Citywealth, a publishing and events company that connects high net worth individuals and private wealth managers.

Ms Jones joined the only 5% of crypto entrepreneurs who are women when she established the Citywealth Crypto Club a year ago for the safe adoption of crypto for the ultra-high net worth institutional market or accredited investors.

The club meets quarterly to keep abreast of the latest developments in the sector.

The visitor from Bermuda was joined at the meeting by Lord Holmes of Richmond MBE, a member of the influential House of Lords Select Committee on Science and Technology, who gave an update on progress in UK regulation.

Mr. Rees Davies said he was delighted to join Lord Holmes (Co-Chair of the UK Fintech, AI, Blockchain, Assistive Technologies and Fourth Industrial Revolution Parliamentary Groups) at the Citywealth Crypto Spring Meeting Club in London.

Together, we shared our vision for the future of the sector from a regulatory perspective. I focused on Bermuda’s digital asset trading regime and the resilience shown in markets regulated by the Bermuda Monetary Authority.

He added: The UK government seeks to regulate activities in the digital asset sector in the same way as the Bermuda regime, which introduced its legislation in 2018, and focuses on regulating activities and services rather than the technology or the tokens themselves.

Bermuda’s regime has paid particular attention to corporate governance and risk mitigation, targeting “traditional” financial crimes, including fraud, money laundering and terrorist financing.

Five years later, Bermuda-based digital asset companies are thriving and have proven their resilience in a tough global market, especially compared to their overseas counterparts.

Mr Rees Davies said: The club has taken great interest in how Bermuda handles the nuances of technologies as they are developed, as well as asset management outside of third party security requirements custodians.

It was a pleasure and a privilege to represent Bermuda at this event, to share the floor with Lord Holmes and to meet so many committed law firms, crypto natives, entrepreneurs and service providers who are equally passionate about the sector in other jurisdictions around the world.

Richmond MBE’s Lord Holmes, left, his guide dog Nancy and Steven Rees Davies at the Citywealth Crypto Club in London (pictured)

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