Blockchain has been widely touted as the most significant technology of the last 20 years, with the potential to revolutionise the financial services industry across a range of applications, from crypto-currencies to smart contracts to fully automated clearing and settlements systems for payments.
The Cayman Islands has a large stake here. As one of the world’s leading offshore financial centres, home to approximately 70% of the world’s offshore investment funds and with an absence of any direct taxation on companies or individuals, Cayman is well placed to become an attractive destination for technology entrepreneurs. Cayman’s ambition to become a global leader in financial technologies (FinTech) is also supported by a sound legal framework, modern infrastructure, state of the art communications systems and a stable political climate.
Cayman now has an opportunity to realise the benefits of blockchain technology in real terms as the new era of technology-based financial services gains traction.
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