David Burt used his first official visit to Washington DC since before the Covid pandemic to discuss Bermuda’s digital asset industry ambitions.

The Premier met board members of the Global Blockchain Business Council to talk about further opportunities in the sector.

Mr Burt also engaged with a range of congressional leaders during the visit, including the influential Georgia senator, Raphael Warnock, with talks held on the importance of the island’s reinsurance industry to the US.

Mr Burt met Republican Congressman Warren Davidson, chairman of the Financial Services Subcommittee on Housing and Insurance Subcommittee and vice-chairman of the Digital Assets Subcommittee, and Democratic Congressman Bill Foster, the co-chairman of the Congressional Blockchain Caucus and ranking member of the Financial Services Subcommittee on Financial Institutions and Monetary Policy.

The Premier said: “During meetings with representatives Foster and Davidson, who hold leadership positions on subcommittees regarding digital assets, we discussed Bermuda’s innovative and comprehensive regulatory framework for digital assets.

“I also advised of Bermuda’s willingness to share how we have addressed challenges that US lawmakers are examining in an effort to promote international co-operation.”

Mr Burt added: “Given the variety of expertise and interests of the representatives that I met with, we were able to discuss many critical issues throughout our meetings.

“Such as Bermuda’s high levels of compliance with international anti-money laundering standards, the impact of bank de-risking on Bermudian businesses and residents, the importance of Bermuda’s insurance and reinsurance sector to the United States, the global minimum tax initiative, and Bermuda’s regulatory leadership in the digital asset industry.

“It is vital that the Government of Bermuda took this opportunity to return to Washington DC and reiterate to US leaders and lawmakers that Bermuda continues to uphold its reputation for regulatory excellence.

“Bermuda’s reinsurance industry also plays a key role in the United States.

“It has helped to establish deep links between our country and states such as Georgia, Florida and Louisiana.”

Mr Burt also met Scott Rembrant, deputy assistant secretary for terrorist financing and financial crimes.

The Premier said, “The United States and Bermuda have enjoyed a long and co-operative partnership in a number of areas, including security and combating financial and cross-border crime.

“Bermuda’s reinsurance industry is also crucial in supporting the United States’ economic recovery following natural disasters.

“During meetings with State Department officials, I reiterated all these critical points and heard from State Department officials how we can continue to strengthen the co-operation between our two countries.”

On his first official visit to the US capital since 2019, Mr Burt also attended a breakfast with leaders of the Congressional Black Caucus and Caribbean Caucus.

Among other US senators the Premier met were Kirsten Gillibrand, of New York, and Chris Van Hollen, of Maryland.