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Bermudian Government Set to Usher In New Regulations on ICOs

The Premier and Minister of Finance of Bermuda, David Burt, has initiated a new set of regulations on initial coin offerings (ICOs). While addressing the Bermudian House of Assembly, He said that the regulatory scheme is designed to determine the minimum required information for ICO projects and set up measures of compliance for enterprises to execute an ICO, according to a report by a news agency, Royal Gazette on July 13.
The premier informed the lower House of the Bermudian government that regulations had been put in place to mandate Bermudian ICO issuers to provide precise and comprehensive information about “all persons involved with the ICO.” In addition, all issuers must reveal a review of the project as well as relevant aspects such as the product or service, financing systems, market audience, the capital planned to be raised and technical features associated with blockchain software blueprint.
The minister further stated that before the end of summer, a batch of new bills would be submitted with the aim of extending existing laws against money laundering financing of terrorism. He added that the country had improved a legal environment “expeditiously” which will curb the “legal ambiguity” adversely affecting the fintech and blockchain industries.
Burt also revealed that the Bermuda government had begun to develop a legal structure for distributed ledger technology (DLT) enterprises as a reaction to “market demand.” This effort by the government resulted in the passing of the digital asset business act 2018. This new regulatory administration protects the rights of existing and potential clients as well as the setting of a reasonable boundary of blockchain and crypto-related enterprises.
Earlier this month, the government of the North American country reportedly declared schemes to discharge amendments to the “Banking Act, for them to set up a new grade of the bank to offer adequate services to local fintech and blockchain enterprises.  This is in response to the fact that local banks refused to provide such services to blockchain companies, the government deliberated with them to create the new class of banks.
Premier Burt, on behalf of the country, and Binance, the world’s largest cryptocurrency exchange platform by trade volume, signed a memorandum of understanding (MOU) in April, with the aim of generating funds for educational programs on blockchain and fintech. Burt stated that a new Binance “global compliance base” would create 30 jobs for the people of Bermuda out of the 40 this agreement plans to create.
The Bermudian government is making efforts to curb the plague of money laundering and at the same time, creating jobs for its people through the adoption of blockchain technology. This move is evidence of the rapid increase of the importance of the blockchain innovation and digital currency.

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