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Bermuda Introduces New ICO Legislation to Fight Terrorism

Jul 19, 2018, 2:55PM
1 min, 15 sec READ

Bermuda Premier David Burt announced a new regulatory framework that establishes a new set of rules for all future Initial Coin Offerings.

Bermuda's Premier David Burt has revealed details about a new cryptocurrency-related regulatory framework that establishes requirements for companies that wish to conduct ICOs. The announcement was made during a speech before the island’s House of Assembly.

According to the new regulations, anyone who applies to conduct an ICO in Bermuda will be required by law to

  • provide information on all individuals related to the applicant’s businesses;
  • provide technical details about the project, including a description of the key features of the offered services and targeted markets;
  • provide details about all involved financing and the amount of funds the ICO intends to raise;
  • provide information on how and if any offered assets can be traded or transferred between individuals;
  • and provide technical details about any software method to be used for the identification of all ICO participants.

These decisions announced by Premier Burt are part of a series of legislations that are expected to be approved by the end of summer, with the intention of improving the nation’s capacity to curtail money laundering and terrorism.

Bermuda’s government has been hard at work to make the country a cryptocurrency-friendly state. Just weeks ago, Premier Burt also announced that his government would be amending the current Banking Act to establish a new class of bank that will specifically serve fintech and blockchain companies.  

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.