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Premier welcomes Blockchain businesses; discourages tax haven idea

“This time last year we did not have a single Blockchain company incorporated in Cayman and now there are more than 50.”

So said Premier Hon. Alden McLaughlin today (29 January.) He was talking this morning about an emerging Blockchain industry here in Cayman.  Today (29 January) Cayman Enterprise City co-hosted the 15th global edition D10E conference at the Ritz.  It’s a conference focused on Blockchain and decentralization of monetary and other transactions. Cayman 27’s Jevaughnie Ebanks was there and he breaks down today’s event in this report.

The Premier said, “As the challenges to financial services as an industry continue to grow, it is really exciting to me that there are new innovations providing new opportunities for the growth of Cayman’s industry.” Premier McLaughlin said he is heartened to see companies wanting to come to Cayman to set up shop,  but warned we are not a place to avoid taxes.

“We have very good systems in place to prevent that and full systems in place to corporate with other jurisdictions to ensure that we detour financial crimes and tax fraud,” said Premier McLaughlin.

Mr McLaughlin was speaking at the D10E conference on decentralization of services.

In an ever-changing economy companies and countries must find a way to keep up modern developments and change such as,  Blockchain, and it will positively impact Cayman. Mr McLaughlin said, “Greater opportunities for our own people to become involved in this exciting and new age venture.”

But what is Blockchain? D10E CEO Mike Costacher said, “Blockchain is the new technology that allows everything to be on a decentralized platforms o that everyone can benefit from that transparency and information.” Mr. Costacher explained Blockchain is said to be the world’s leading software platform for digital assets using new technology to build a radically better financial system. He said, ” The world has been centralized for way too long now. Kings and Queens and governments have centralized power over the years and I don’t think many people enjoy that.” Mr Costacher said the decentralization started with currencies like bitcoin and that will continue to expand. He said, “If you look at the monetary system, countries control our behavior through the restriction they put on money and money supply so decentralizing money is helping people transact free-er and easier.”

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