Bermuda to Vote on Bill Introducing ICO-Friendly Regulations ‎

Tuesday, 20/03/2018 | 20:42 GMT by Aziz Abdel-Qader
  • ICO issuers will be required to ‎provide adequate, accurate, and balanced ‎information regarding their ‎projects
Bermuda to Vote on Bill Introducing ICO-Friendly Regulations ‎
Reuters

The government of Bermuda is preparing a draft bill to formally legalize initial coin offerings ‎‎(ICOs), the premier of the British Overseas Territory said last Friday.

David Burt, who is also Bermuda’s finance minister, said that his country “has an ‎opportunity to become a global leader in the Fintech space by being ‎one of the first countries in the world to specifically regulate ICOs."‎

The proposed legislative amendments aim to create regulatory clarity for the industry ‎and attract new investments to the island jurisdiction.‎

The Atlantic nation’s House of Assembly is expected to vote on the ‎proposed bill, which would adopt a "measured approach." Following a positive vote, companies ‎will be able to register their ICOs with the government. ‎

The draft law, aiming to regulate the promotion, sale and distribution of crypto fundraising activities also establishes disclosure rules that secure "the rights of the purchaser” and ‎assist the public in making “informed decisions about participating in ‎any proposed ICO."‎

With passage of the proposed amendments, ICO issuers will be required to ‎provide adequate, accurate and balanced information over their ‎‎"restricted business activities," as well as obtain approval from the country’s regulator before starting operations.

New ‎revenue source

Burt also said he hopes the new development would create a booming new ‎revenue source, while assuring startups their project won’t fall subject to ‎restrictive regulations.

The initiative is obviously designed to attract cryptocurrency entrepreneurs, who are moving ‎businesses to locations more welcoming as they face ‎intensifying scrutiny from regulators across the globe. ‎

The government of Bermuda is preparing a draft bill to formally legalize initial coin offerings ‎‎(ICOs), the premier of the British Overseas Territory said last Friday.

David Burt, who is also Bermuda’s finance minister, said that his country “has an ‎opportunity to become a global leader in the Fintech space by being ‎one of the first countries in the world to specifically regulate ICOs."‎

The proposed legislative amendments aim to create regulatory clarity for the industry ‎and attract new investments to the island jurisdiction.‎

The Atlantic nation’s House of Assembly is expected to vote on the ‎proposed bill, which would adopt a "measured approach." Following a positive vote, companies ‎will be able to register their ICOs with the government. ‎

The draft law, aiming to regulate the promotion, sale and distribution of crypto fundraising activities also establishes disclosure rules that secure "the rights of the purchaser” and ‎assist the public in making “informed decisions about participating in ‎any proposed ICO."‎

With passage of the proposed amendments, ICO issuers will be required to ‎provide adequate, accurate and balanced information over their ‎‎"restricted business activities," as well as obtain approval from the country’s regulator before starting operations.

New ‎revenue source

Burt also said he hopes the new development would create a booming new ‎revenue source, while assuring startups their project won’t fall subject to ‎restrictive regulations.

The initiative is obviously designed to attract cryptocurrency entrepreneurs, who are moving ‎businesses to locations more welcoming as they face ‎intensifying scrutiny from regulators across the globe. ‎

About the Author: Aziz Abdel-Qader
Aziz Abdel-Qader
  • 4984 Articles
  • 31 Followers
About the Author: Aziz Abdel-Qader
  • 4984 Articles
  • 31 Followers

More from the Author

CryptoCurrency

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}