The Prime Minister and Minister of Finance of Bermuda, David Burt, spoke about the regulatory framework for companies that are going to conduct initial coin offering. The new rules provide for the collection of information about the company, the product and investors, as well as establish rules and conditions for the collection of funds using cryptocurrency.
Developers will have to provide “detailed information” about all ICO participants. Data on the project should include the financing system, the amount of investments attracted and the technical aspects associated with the software and the specificity of the particular blockchain.
David Burt promised that by the end of summer the government will finalize and present a group of bills on cryptocurrencies. Special attention is being paid to combating money laundering and financing of terrorism. Burt added that Bermuda “promptly” developed a legal environment that affects “legal ambiguity”, pursuing cryptocurrencies, blockchain and financial technologies.
Earlier, Bermuda presented the “Virtual Currency Law” and concluded an agreement on cooperation with the largest cryptocurrency exchange Binance.
Also, the Bermuda government announced plans to amend the Banking Act to create a new type of financial institutions to provide services to local financial and blockchain companies.
Bermuda is going to make the most opportunities of the new market and outstrip other countries that are approaching the issue of integration cryptocurrencies are often too cautious. Perhaps the strategy of Bermuda and other island countries will help to improve the local economy and the life of the population.