Bermuda to Vote on Bill Introducing ICO-Friendly Regulations ‎

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. ‎

(Photo: pixabay)

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